Gladstone Institutional Advisory LLC Buys New Position in Targa Resources Corp. (NYSE:TRGP)

Gladstone Institutional Advisory LLC bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to its most recent filing with the SEC. The firm bought 3,433 shares of the pipeline company’s stock, valued at approximately $298,000.

Several other hedge funds have also modified their holdings of TRGP. Deutsche Bank AG raised its holdings in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after buying an additional 3,720,270 shares during the period. Norges Bank acquired a new stake in Targa Resources during the 4th quarter valued at approximately $187,123,000. Truist Financial Corp grew its stake in Targa Resources by 11,513.7% during the 3rd quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock valued at $54,555,000 after purchasing an additional 630,949 shares in the last quarter. Morgan Stanley grew its stake in Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares in the last quarter. Finally, abrdn plc grew its stake in Targa Resources by 802.0% during the 4th quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after purchasing an additional 431,156 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.9 %

Shares of Targa Resources stock opened at $113.84 on Friday. The business’s fifty day moving average price is $113.58 and its two-hundred day moving average price is $97.65. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The company has a market capitalization of $25.24 billion, a P/E ratio of 23.42, a PEG ratio of 0.61 and a beta of 2.19. Targa Resources Corp. has a 1-year low of $67.36 and a 1-year high of $119.68.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. As a group, research analysts forecast that Targa Resources Corp. will post 5.62 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date of this dividend was Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is currently 61.73%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price objective on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. JPMorgan Chase & Co. lifted their target price on Targa Resources from $122.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, March 6th. The Goldman Sachs Group lifted their target price on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Citigroup lifted their target price on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Finally, Royal Bank of Canada lifted their target price on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $121.50.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ershel C. Redd, Jr. sold 3,000 shares of Targa Resources stock in a transaction on Friday, May 10th. The stock was sold at an average price of $113.10, for a total value of $339,300.00. Following the completion of the transaction, the director now owns 28,223 shares in the company, valued at $3,192,021.30. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,691 shares of company stock valued at $4,663,763. Corporate insiders own 1.39% of the company’s stock.

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.