Hsbc Holdings PLC Buys 91,668 Shares of Targa Resources Corp. (NYSE:TRGP)

Hsbc Holdings PLC increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 14.6% during the 4th quarter, HoldingsChannel.com reports. The firm owned 718,022 shares of the pipeline company’s stock after purchasing an additional 91,668 shares during the quarter. Hsbc Holdings PLC’s holdings in Targa Resources were worth $128,181,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Atala Financial Inc purchased a new stake in shares of Targa Resources in the fourth quarter worth approximately $31,000. Rakuten Securities Inc. grew its position in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 146 shares during the last quarter. Mizuho Bank Ltd. purchased a new stake in Targa Resources in the fourth quarter worth $36,000. Aspect Partners LLC lifted its position in shares of Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton boosted its stake in shares of Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TRGP shares. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. Barclays lowered their target price on Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Finally, Truist Financial raised their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research note on Tuesday, March 18th. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $210.64.

Insider Transactions at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last 90 days. 1.34% of the stock is currently owned by company insiders.

Targa Resources Price Performance

NYSE TRGP opened at $170.89 on Wednesday. The stock’s fifty day moving average price is $187.45 and its 200 day moving average price is $187.74. Targa Resources Corp. has a 1 year low of $110.09 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market cap of $37.18 billion, a price-to-earnings ratio of 29.77, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities research analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is currently 69.69%.

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.