Truist Financial Corp Increases Stake in Targa Resources, Inc. $TRGP

Truist Financial Corp lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 877,796 shares of the pipeline company’s stock after buying an additional 3,258 shares during the quarter. Truist Financial Corp’s holdings in Targa Resources were worth $152,807,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of Targa Resources by 134.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,299 shares of the pipeline company’s stock valued at $5,587,000 after buying an additional 17,928 shares during the last quarter. Czech National Bank grew its position in Targa Resources by 5.9% during the 1st quarter. Czech National Bank now owns 50,085 shares of the pipeline company’s stock worth $10,041,000 after acquiring an additional 2,804 shares during the last quarter. NBC Securities Inc. grew its position in Targa Resources by 123,400.0% during the 1st quarter. NBC Securities Inc. now owns 2,470 shares of the pipeline company’s stock worth $495,000 after acquiring an additional 2,468 shares during the last quarter. Merit Financial Group LLC increased its stake in Targa Resources by 51.9% in the 1st quarter. Merit Financial Group LLC now owns 1,837 shares of the pipeline company’s stock worth $368,000 after purchasing an additional 628 shares during the period. Finally, ST Germain D J Co. Inc. bought a new stake in Targa Resources in the first quarter valued at approximately $60,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $167.33 on Wednesday. Targa Resources, Inc. has a 1 year low of $146.55 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The company’s 50-day moving average is $165.55 and its 200 day moving average is $169.79. The stock has a market capitalization of $36.01 billion, a P/E ratio of 23.67, a P/E/G ratio of 1.00 and a beta of 1.20.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. On average, sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Thursday, July 31st. Targa Resources’s dividend payout ratio is presently 56.58%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several recent analyst reports. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $189.00 to $209.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Barclays raised their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. TD Cowen assumed coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating and a $192.00 target price on the stock. Finally, Wells Fargo & Company restated an “overweight” rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $207.27.

Targa Resources 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.