Norges Bank Acquires Shares of 2,154,054 Targa Resources Corp. (NYSE:TRGP)

Norges Bank acquired a new stake in Targa Resources Corp. (NYSE:TRGPFree Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,154,054 shares of the pipeline company’s stock, valued at approximately $187,123,000. Norges Bank owned 0.97% of Targa Resources as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Addison Advisors LLC acquired a new position in Targa Resources in the 4th quarter valued at $27,000. VisionPoint Advisory Group LLC increased its stake in Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the period. EdgeRock Capital LLC acquired a new position in Targa Resources in the 4th quarter valued at $42,000. Rational Advisors LLC acquired a new position in Targa Resources in the 3rd quarter valued at $43,000. Finally, Delos Wealth Advisors LLC purchased a new stake in shares of Targa Resources during the 4th quarter worth $43,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have commented on TRGP. Stifel Nicolaus boosted their target price on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Scotiabank boosted their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research report on Monday, April 15th. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Truist Financial boosted their target price on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, Barclays boosted their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.50.

Get Our Latest Stock Report on Targa Resources

Insider Activity

In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $113.10, for a total transaction of $339,300.00. Following the transaction, the director now directly owns 28,223 shares of the company’s stock, valued at approximately $3,192,021.30. The disclosure for this sale can be found here. Insiders sold a total of 52,691 shares of company stock valued at $5,636,863 in the last 90 days. 1.39% of the stock is currently owned by insiders.

Targa Resources Trading Down 2.8 %

Shares of TRGP stock opened at $114.92 on Thursday. The firm has a 50-day moving average price of $113.42 and a 200 day moving average price of $97.54. Targa Resources Corp. has a twelve month low of $67.36 and a twelve month high of $119.68. The company has a market capitalization of $25.48 billion, a price-to-earnings ratio of 23.65, a PEG ratio of 0.63 and a beta of 2.19. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a dividend of $0.75 per share. The ex-dividend date was Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.61%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is currently 61.73%.

Targa Resources Company Profile

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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