Truist Financial Corp Boosts Stock Holdings in Targa Resources, Inc. $TRGP

Truist Financial Corp lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGPFree Report) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 877,796 shares of the pipeline company’s stock after buying an additional 3,258 shares during the quarter. Truist Financial Corp owned about 0.40% of Targa Resources worth $152,807,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Targa Resources by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock valued at $5,529,820,000 after acquiring an additional 423,667 shares during the period. Wellington Management Group LLP grew its position in shares of Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock valued at $2,764,673,000 after purchasing an additional 962,631 shares in the last quarter. Invesco Ltd. grew its position in shares of Targa Resources by 3.2% in the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock valued at $915,338,000 after purchasing an additional 139,780 shares in the last quarter. GQG Partners LLC raised its stake in shares of Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock valued at $724,560,000 after purchasing an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Targa Resources by 2.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company’s stock worth $568,217,000 after purchasing an additional 77,999 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TRGP. JPMorgan Chase & Co. lifted their target price on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Wells Fargo & Company restated an “overweight” rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Barclays upped their target price 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. Mizuho cut their price target on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a report on Friday, August 29th. Finally, TD Cowen initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $207.27.

Check Out Our Latest Research Report on Targa Resources

Targa Resources Price Performance

TRGP stock opened at $167.33 on Wednesday. The firm has a 50 day simple moving average of $165.55 and a two-hundred day simple moving average of $169.79. The stock has a market cap of $36.01 billion, a PE ratio of 23.67, a P/E/G ratio of 1.00 and a beta of 1.20. Targa Resources, Inc. has a one year low of $146.55 and a one 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.

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

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders 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. The ex-dividend date was Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. Targa Resources’s dividend payout ratio is currently 56.58%.

Targa Resources Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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