DNB Asset Management AS Purchases 733 Shares of Targa Resources Corp. (NYSE:TRGP)

DNB Asset Management AS raised its position in Targa Resources Corp. (NYSE:TRGP) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,224 shares of the pipeline company’s stock after buying an additional 733 shares during the quarter. DNB Asset Management AS’s holdings in Targa Resources were worth $4,922,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in TRGP. Addison Advisors LLC purchased a new position in Targa Resources in the 4th quarter valued at approximately $27,000. Spire Wealth Management lifted its holdings in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 264 shares in the last quarter. EdgeRock Capital LLC bought a new position in Targa Resources in the 4th quarter worth about $42,000. Delos Wealth Advisors LLC purchased a new position in Targa Resources during the 4th quarter valued at about $43,000. Finally, Register Financial Advisors LLC bought a new stake in shares of Targa Resources during the first quarter valued at about $45,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Ershel C. Redd, Jr. sold 3,000 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the sale, the director now owns 28,223 shares of the company’s stock, valued at approximately $3,192,021.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Ershel C. Redd, Jr. sold 3,000 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the transaction, the director now owns 28,223 shares in the company, valued at approximately $3,192,021.30. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,000 shares of company stock worth $5,105,769. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $131.60 on Wednesday. The firm has a fifty day simple moving average of $128.07 and a two-hundred day simple moving average of $113.27. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a twelve month low of $77.97 and a twelve month high of $139.35. The company has a market capitalization of $29.18 billion, a PE ratio of 27.08, a P/E/G ratio of 0.70 and a beta of 2.27.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.75% and a net margin of 6.60%. During the same quarter in the previous year, the company posted $1.44 EPS. Research analysts expect that Targa Resources Corp. will post 5.4 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date is Wednesday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on TRGP shares. Scotiabank raised their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday. JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Morgan Stanley boosted their target price on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Finally, Truist Financial raised their price target on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $138.62.

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.