Targa Resources Corp. (NYSE:TRGP) Shares Bought by abrdn plc

abrdn plc grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 802.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 484,917 shares of the pipeline company’s stock after acquiring an additional 431,156 shares during the period. abrdn plc’s holdings in Targa Resources were worth $42,125,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in TRGP. Moneta Group Investment Advisors LLC raised its holdings in Targa Resources by 104,219.5% during the fourth quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company’s stock worth $1,855,224,000 after purchasing an additional 25,216,947 shares in the last quarter. BlackRock Inc. raised its holdings in Targa Resources by 1.9% during the first quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company’s stock worth $1,367,710,000 after purchasing an additional 348,951 shares in the last quarter. Wellington Management Group LLP raised its holdings in Targa Resources by 5.1% during the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after purchasing an additional 401,144 shares in the last quarter. State Street Corp raised its holdings in Targa Resources by 14.4% during the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after purchasing an additional 986,283 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Targa Resources by 6.6% during the first quarter. Goldman Sachs Group Inc. now owns 6,802,014 shares of the pipeline company’s stock worth $513,349,000 after purchasing an additional 421,874 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group dropped their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. Barclays lifted their price target on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Mizuho lifted their price target on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Truist Financial lifted their price target on shares of Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, Stifel Nicolaus lifted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $119.55.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now directly owns 38,440 shares in the company, valued at $3,754,434.80. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 81,966 shares of company stock valued at $7,987,215. 1.44% of the stock is owned by insiders.

Targa Resources Trading Up 1.0 %

NYSE TRGP opened at $112.92 on Monday. Targa Resources Corp. has a twelve month low of $67.36 and a twelve month high of $117.61. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The stock has a market cap of $25.13 billion, a price-to-earnings ratio of 30.77 and a beta of 2.21. The firm’s 50 day moving average price is $105.85 and its two-hundred day moving average price is $92.86.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Equities analysts anticipate that Targa Resources Corp. will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.66%. Targa Resources’s dividend payout ratio is 54.50%.

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.