US Bancorp DE Has $688,000 Holdings in Targa Resources Corp. (NYSE:TRGP)

US Bancorp DE cut its stake in shares of Targa Resources Corp. (NYSE:TRGPGet Rating) by 3.2% in the third quarter, Holdings Channel reports. The firm owned 11,407 shares of the pipeline company’s stock after selling 380 shares during the quarter. US Bancorp DE’s holdings in Targa Resources were worth $688,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Cetera Advisor Networks LLC bought a new position in Targa Resources during the first quarter worth about $250,000. PNC Financial Services Group Inc. lifted its holdings in Targa Resources by 5.3% during the first quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock worth $1,112,000 after acquiring an additional 737 shares in the last quarter. Sei Investments Co. lifted its holdings in Targa Resources by 11.6% during the first quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock worth $14,072,000 after acquiring an additional 19,372 shares in the last quarter. Brighton Jones LLC bought a new position in Targa Resources during the first quarter worth about $249,000. Finally, Covestor Ltd lifted its holdings in Targa Resources by 91.8% during the first quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock worth $108,000 after acquiring an additional 684 shares in the last quarter. 88.29% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Targa Resources stock opened at $75.66 on Friday. Targa Resources Corp. has a 12 month low of $52.60 and a 12 month high of $81.50. The stock’s 50 day moving average is $72.63 and its 200-day moving average is $68.49. The company has a current ratio of 0.74, a quick ratio of 0.60 and a debt-to-equity ratio of 2.20. The company has a market capitalization of $17.13 billion, a price-to-earnings ratio of 71.38 and a beta of 2.30.

Targa Resources (NYSE:TRGPGet Rating) last posted its earnings results on Thursday, November 3rd. The pipeline company reported $0.84 EPS for the quarter, missing the consensus estimate of $1.23 by ($0.39). Targa Resources had a net margin of 2.34% and a return on equity of 21.02%. The firm had revenue of $5.36 billion during the quarter, compared to analyst estimates of $6.96 billion. Equities research analysts expect that Targa Resources Corp. will post 4.53 EPS for the current year.

Insider Activity

In related news, insider Robert Muraro sold 5,000 shares of the stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $74.95, for a total transaction of $374,750.00. Following the sale, the insider now owns 176,947 shares of the company’s stock, valued at $13,262,177.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider Robert Muraro sold 5,000 shares of the stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $74.95, for a total transaction of $374,750.00. Following the sale, the insider now owns 176,947 shares of the company’s stock, valued at $13,262,177.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joe Bob Perkins sold 62,326 shares of the stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $67.84, for a total value of $4,228,195.84. Following the sale, the director now directly owns 88,692 shares in the company, valued at approximately $6,016,865.28. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 69,512 shares of company stock valued at $4,758,381. 1.10% of the stock is owned by insiders.

Analysts Set New Price Targets

TRGP has been the topic of a number of research reports. Citigroup initiated coverage on Targa Resources in a report on Thursday, December 8th. They issued a “buy” rating and a $95.00 price target on the stock. StockNews.com initiated coverage on Targa Resources in a report on Wednesday, October 12th. They issued a “hold” rating on the stock. Morgan Stanley upped their target price on Targa Resources from $105.00 to $108.00 and gave the stock an “overweight” rating in a report on Wednesday, October 19th. Mizuho upped their target price on Targa Resources from $91.00 to $92.00 and gave the stock a “buy” rating in a report on Tuesday, November 8th. Finally, Truist Financial upped their target price on Targa Resources from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Monday, November 28th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $91.64.

Targa Resources Profile

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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

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