Sei Investments Co. Increases Position in Targa Resources Corp. (NYSE:TRGP)

Sei Investments Co. boosted its position in Targa Resources Corp. (NYSE:TRGP) by 21.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 186,322 shares of the pipeline company’s stock after acquiring an additional 32,323 shares during the quarter. Sei Investments Co. owned 0.09% of Targa Resources worth $23,995,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Gryphon Financial Partners LLC raised its holdings in shares of Targa Resources by 1.0% during the 4th quarter. Gryphon Financial Partners LLC now owns 64,245 shares of the pipeline company’s stock valued at $5,557,000 after buying an additional 645 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Targa Resources by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock valued at $1,512,000 after acquiring an additional 2,090 shares during the last quarter. Wells Fargo & Company MN raised its stake in shares of Targa Resources by 7.7% during the fourth quarter. Wells Fargo & Company MN now owns 252,689 shares of the pipeline company’s stock worth $21,951,000 after acquiring an additional 18,152 shares in the last quarter. Corient Private Wealth LLC lifted its holdings in shares of Targa Resources by 22.8% in the 4th quarter. Corient Private Wealth LLC now owns 32,431 shares of the pipeline company’s stock worth $2,817,000 after acquiring an additional 6,026 shares during the last quarter. Finally, US Bancorp DE boosted its stake in shares of Targa Resources by 47.6% in the 4th quarter. US Bancorp DE now owns 19,810 shares of the pipeline company’s stock valued at $1,721,000 after purchasing an additional 6,390 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Truist Financial lifted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. UBS Group boosted their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Royal Bank of Canada lifted their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 13th. One equities research analyst has rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources has an average rating of “Buy” and an average target price of $141.77.

Targa Resources Price Performance

TRGP stock opened at $156.49 on Wednesday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $157.68. The firm has a 50-day moving average of $141.85 and a 200 day moving average of $126.32. The company has a market cap of $34.70 billion, a P/E ratio of 32.20, a PEG ratio of 1.19 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the company posted $1.44 earnings per share. On average, sell-side analysts forecast that Targa Resources Corp. will post 5.89 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.92%. Targa Resources’s payout ratio is 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Paul W. Chung sold 5,264 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the transaction, the director now owns 232,827 shares of the company’s stock, valued at $32,137,110.81. The disclosure for this sale can be found here. Insiders sold a total of 35,434 shares of company stock valued at $4,775,590 in the last three months. Company insiders own 1.39% of the company’s stock.

About Targa Resources

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.