Targa Resources, Inc. $TRGP Position Boosted by Sanctuary Advisors LLC

Sanctuary Advisors LLC lifted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 4.6% during the 1st quarter, HoldingsChannel.com reports. The firm owned 47,086 shares of the pipeline company’s stock after acquiring an additional 2,077 shares during the quarter. Sanctuary Advisors LLC’s holdings in Targa Resources were worth $11,806,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. State Street Corp boosted its holdings in Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after buying an additional 162,878 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after buying an additional 45,495 shares in the last quarter. Norges Bank bought a new position in shares of Targa Resources in the fourth quarter valued at $735,758,000. Tortoise Capital Advisors L.L.C. lifted its position in shares of Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after acquiring an additional 572,562 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after acquiring an additional 1,075,246 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRGP has been the topic of a number of recent research reports. Jefferies Financial Group initiated coverage on Targa Resources in a report on Thursday, June 18th. They issued a “buy” rating and a $314.00 target price on the stock. Truist Financial increased their price target on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley lifted their price target on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. US Capital Advisors downgraded Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Finally, Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. Seventeen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $285.93.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were 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 in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $280.46 on Friday. The stock has a market cap of $60.20 billion, a PE ratio of 28.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71. The business has a fifty day simple moving average of $267.11 and a 200-day simple moving average of $238.26. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $282.80.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 10.74 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s payout ratio is presently 50.56%.

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.