Targa Resources Corp. (NYSE:TRGP) Shares Acquired by Bleakley Financial Group LLC

Bleakley Financial Group LLC increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 70.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,578 shares of the pipeline company’s stock after purchasing an additional 5,185 shares during the period. Bleakley Financial Group LLC’s holdings in Targa Resources were worth $1,862,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. raised its stake in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter worth approximately $44,000. Register Financial Advisors LLC purchased a new position in shares of Targa Resources in the 1st quarter valued at approximately $45,000. Finally, Rogco LP acquired a new position in shares of Targa Resources in the first quarter valued at approximately $56,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

NYSE TRGP opened at $162.75 on Friday. The business has a 50 day moving average price of $150.42 and a 200 day moving average price of $132.29. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company has a market capitalization of $36.08 billion, a P/E ratio of 33.49, a PEG ratio of 1.32 and a beta of 2.25. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $167.79.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter last year, the business posted $1.44 earnings per share. Sell-side analysts expect that Targa Resources Corp. will post 5.9 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Activity

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 over the last ninety days. 1.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on TRGP. Scotiabank increased their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Truist Financial lifted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Barclays raised their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $148.36.

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.