PNC Financial Services Group Inc. Acquires 12,640 Shares of Targa Resources, Inc. $TRGP

PNC Financial Services Group Inc. increased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 57.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 34,805 shares of the pipeline company’s stock after buying an additional 12,640 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Targa Resources were worth $6,421,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TRGP. Olistico Wealth LLC bought a new stake in Targa Resources in the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp bought a new stake in Targa Resources in the 4th quarter worth about $27,000. Root Financial Partners LLC bought a new stake in Targa Resources in the 3rd quarter worth about $39,000. Eagle Bay Advisors LLC bought a new stake in Targa Resources in the 4th quarter worth about $42,000. Finally, Elyxium Wealth LLC bought a new stake in Targa Resources in the 4th quarter worth about $60,000. 92.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Jennifer R. Kneale sold 29,509 shares of Targa Resources stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the transaction, the president directly owned 235,260 shares in the company, valued at approximately $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 115,531 shares of company stock valued at $27,405,821. 1.37% of the stock is currently owned by company insiders.

Targa Resources Trading Down 0.0%

Shares of NYSE:TRGP opened at $276.62 on Monday. The stock has a market capitalization of $59.37 billion, a price-to-earnings ratio of 27.97, a PEG ratio of 1.73 and a beta of 0.75. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock’s 50-day simple moving average is $248.57 and its two-hundred day simple moving average is $212.99. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Analysts expect that Targa Resources, Inc. will post 10.66 EPS for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s payout ratio is 50.56%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Truist Financial lifted their price objective on Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Barclays lifted their price objective on Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $281.00 price objective on shares of Targa Resources in a report on Tuesday, May 12th. Citigroup raised their target price on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Finally, UBS Group raised their target price on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Fourteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $266.36.

Targa Resources Company 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.