Nykredit A S acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 152,520 shares of the pipeline company’s stock, valued at approximately $40,897,000. Nykredit A S owned 0.07% of Targa Resources at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in TRGP. BlackRock Inc. grew its stake in Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after acquiring an additional 291,114 shares during the period. State Street Corp lifted its holdings in shares of Targa Resources by 1.3% in the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after purchasing an additional 162,878 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Norges Bank acquired a new stake in Targa Resources in the 4th quarter valued at $735,758,000. Finally, Tortoise Capital Advisors L.L.C. grew its position in Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after purchasing an additional 572,562 shares during the period. Institutional investors own 92.13% of the company’s stock.
Targa Resources Trading Up 0.0%
NYSE:TRGP opened at $293.51 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The firm has a 50-day moving average price of $277.16 and a two-hundred day moving average price of $259.47. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market cap of $62.94 billion, a price-to-earnings ratio of 28.06, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72.
Targa Resources Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s payout ratio is presently 47.80%.
Insider Transactions at Targa Resources
In related news, Director Charles R. Crisp sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the sale, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul W. Chung sold 1,816 shares of Targa Resources stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 7,216 shares of company stock worth $2,127,634 in the last ninety days. Company insiders own 1.37% of the company’s stock.
Wall Street Analyst Weigh In
TRGP has been the subject of a number of recent research reports. Jefferies Financial Group boosted their price target on shares of Targa Resources from $324.00 to $345.00 and gave the company a “buy” rating in a research note on Tuesday, August 18th. Truist Financial lifted their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a research report on Friday, August 7th. Erste Group Bank initiated coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. Finally, Raymond James Financial set a $335.00 price target on shares of Targa Resources in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $301.18.
View Our Latest Report on Targa Resources
Targa Resources Profile
Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.
The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.
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