US Bancorp DE Increases Holdings in Targa Resources Corp. (NYSE:TRGP)

US Bancorp DE raised its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 8.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 25,975 shares of the pipeline company’s stock after buying an additional 1,938 shares during the quarter. US Bancorp DE’s holdings in Targa Resources were worth $4,637,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Farther Finance Advisors LLC raised its holdings in Targa Resources by 1,217.9% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,270 shares of the pipeline company’s stock worth $632,000 after purchasing an additional 3,946 shares during the period. Van ECK Associates Corp raised its holdings in Targa Resources by 8.0% in the 3rd quarter. Van ECK Associates Corp now owns 71,523 shares of the pipeline company’s stock worth $10,586,000 after purchasing an additional 5,288 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after purchasing an additional 246,762 shares during the period. National Pension Service raised its holdings in Targa Resources by 2.9% in the 3rd quarter. National Pension Service now owns 298,382 shares of the pipeline company’s stock worth $44,164,000 after purchasing an additional 8,321 shares during the period. Finally, QRG Capital Management Inc. raised its holdings in Targa Resources by 33.9% in the 3rd quarter. QRG Capital Management Inc. now owns 8,086 shares of the pipeline company’s stock worth $1,197,000 after purchasing an additional 2,048 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Down 1.8 %

Shares of Targa Resources stock opened at $186.67 on Thursday. The firm has a market cap of $40.71 billion, a price-to-earnings ratio of 32.52, a PEG ratio of 0.61 and a beta of 2.29. The business has a 50-day moving average price of $198.60 and a 200-day moving average price of $179.41. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $103.04 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.61%. Targa Resources’s payout ratio is 52.26%.

Insider Activity at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This trade represents a 43.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TRGP. Stifel Nicolaus raised their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. The Goldman Sachs Group raised their target price on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company raised their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Truist Financial cut their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Finally, US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $207.00.

Targa Resources Company Profile

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.