Hsbc Holdings PLC raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP – Free Report) by 7.0% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 820,310 shares of the pipeline company’s stock after purchasing an additional 53,413 shares during the period. Hsbc Holdings PLC’s holdings in Targa Resources were worth $151,331,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of the stock. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources in the fourth quarter worth $27,000. Olistico Wealth LLC acquired a new stake in Targa Resources during the fourth quarter valued at $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG purchased a new position in Targa Resources in the fourth quarter valued at about $31,000. Finally, Godfrey Financial Associates Inc. acquired a new position in Targa Resources in the 4th quarter worth about $37,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.
Targa Resources Trading Up 0.0%
Shares of TRGP stock opened at $258.68 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The firm’s fifty day simple moving average is $256.83 and its 200 day simple moving average is $225.93. The firm has a market capitalization of $55.52 billion, a P/E ratio of 26.16, a price-to-earnings-growth ratio of 1.32 and a beta of 0.72. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.
Targa Resources Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is currently 50.56%.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on TRGP. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Mizuho increased their price objective on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Barclays raised their price objective on shares of Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research report on Thursday, May 14th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company lifted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research note on Friday, May 8th. Sixteen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $272.20.
Check Out Our Latest Report on Targa Resources
Insider Activity at Targa Resources
In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.37% of the company’s stock.
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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