First Trust Direct Indexing L.P. Has $665,000 Holdings in Targa Resources Corp. (NYSE:TRGP)

First Trust Direct Indexing L.P. lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 29.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,660 shares of the pipeline company’s stock after buying an additional 1,765 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Targa Resources were worth $665,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of TRGP. Deutsche Bank AG increased its holdings in Targa Resources by 200.4% in the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after purchasing an additional 3,720,270 shares during the last quarter. Truist Financial Corp grew its position in shares of Targa Resources by 11,513.7% during the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after buying an additional 630,949 shares during the period. Morgan Stanley increased its stake in shares of Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after acquiring an additional 524,794 shares during the last quarter. abrdn plc raised its position in shares of Targa Resources by 802.0% in the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after acquiring an additional 431,156 shares during the period. Finally, Wellington Management Group LLP raised its position in shares of Targa Resources by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after acquiring an additional 401,144 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on TRGP. Barclays upped their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Royal Bank of Canada raised their price objective on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research note on Monday, February 26th. Truist Financial boosted their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. The Goldman Sachs Group raised their price target on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Finally, UBS Group decreased their price objective on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. One analyst has rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.92.

Targa Resources Stock Performance

Shares of TRGP stock opened at $112.31 on Friday. The firm has a market cap of $24.99 billion, a PE ratio of 23.11 and a beta of 2.19. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The company’s fifty day simple moving average is $110.02 and its 200-day simple moving average is $94.93. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The business had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 24.50% and a net margin of 6.86%. Equities research analysts expect that Targa Resources Corp. will post 5.72 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.67%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is currently 61.73%.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock valued at $7,987,215 in the last 90 days. 1.39% of the stock is currently owned by 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.