Sustainable Insight Capital Management LLC Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

Sustainable Insight Capital Management LLC bought a new position in Targa Resources Corp. (NYSE:TRGP) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 2,000 shares of the pipeline company’s stock, valued at approximately $258,000.

Other institutional investors have also modified their holdings of the company. Victory Capital Management Inc. lifted its holdings in Targa Resources by 1.2% in the fourth quarter. Victory Capital Management Inc. now owns 139,436 shares of the pipeline company’s stock valued at $12,113,000 after acquiring an additional 1,613 shares during the last quarter. Natixis Advisors L.P. purchased a new stake in Targa Resources in the 4th quarter valued at about $1,117,000. Charles Schwab Investment Management Inc. lifted its position in Targa Resources by 2.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,347,122 shares of the pipeline company’s stock valued at $117,025,000 after buying an additional 29,689 shares during the last quarter. Gryphon Financial Partners LLC boosted its stake in Targa Resources by 1.0% during the fourth quarter. Gryphon Financial Partners LLC now owns 64,245 shares of the pipeline company’s stock worth $5,557,000 after buying an additional 645 shares during the period. Finally, Principal Securities Inc. purchased a new position in Targa Resources during the fourth quarter worth about $154,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on TRGP shares. Truist Financial upped their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Scotiabank boosted their price objective on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $140.54.

Targa Resources Stock Down 2.0 %

Shares of NYSE TRGP opened at $146.75 on Friday. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $152.42. The company has a market capitalization of $32.54 billion, a price-to-earnings ratio of 30.20, a price-to-earnings-growth ratio of 1.17 and a beta of 2.26. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The business has a 50-day moving average of $137.82 and a two-hundred day moving average of $121.76.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the company posted $1.44 earnings per share. On average, analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.04%. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, insider Robert Muraro sold 9,900 shares of the stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the sale, the insider now owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The disclosure for this sale can be found here. Insiders sold 45,534 shares of company stock worth $5,989,390 over the last 90 days. 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.