Gladstone Institutional Advisory LLC purchased a new stake in Targa Resources Corp. (NYSE:TRGP – Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 2,582 shares of the pipeline company’s stock, valued at approximately $382,000.
A number of other large investors have also added to or reduced their stakes in the stock. Zurich Insurance Group Ltd FI bought a new stake in shares of Targa Resources during the 2nd quarter worth approximately $72,345,000. American Century Companies Inc. lifted its stake in Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after purchasing an additional 557,832 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the last quarter. Finally, Blackstone Inc. raised its holdings in shares of Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after buying an additional 252,729 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on the company. Barclays lifted their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Truist Financial upped their price objective 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. Bank of America began coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Wells Fargo & Company upped their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Finally, Royal Bank of Canada raised their price objective on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average price target of $152.79.
Targa Resources Trading Up 2.4 %
Shares of TRGP stock opened at $169.20 on Tuesday. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $169.92. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The stock has a market cap of $37.07 billion, a price-to-earnings ratio of 35.62, a PEG ratio of 1.29 and a beta of 2.24. The stock has a 50-day moving average of $155.70 and a 200-day moving average of $136.39.
Targa Resources Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.77%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 63.16%.
Insider Transactions at Targa Resources
In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 174,321 shares of company stock worth $26,654,881 over the last three months. 1.39% of the stock is owned by company insiders.
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.
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