Creative Planning grew its holdings in Targa Resources Corp. (NYSE:TRGP – Free Report) by 17.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 43,783 shares of the pipeline company’s stock after acquiring an additional 6,546 shares during the period. Creative Planning’s holdings in Targa Resources were worth $6,480,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares during the period. Blackstone Inc. lifted its holdings in Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after acquiring an additional 252,729 shares during the period. Dimensional Fund Advisors LP boosted its position in Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after purchasing an additional 360,675 shares in the last quarter. Finally, Truist Financial Corp grew its stake in shares of Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after purchasing an additional 46,864 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.
Insider Buying and Selling at Targa Resources
In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total value of $124,896.60. Following the transaction, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock worth $26,815,021 in the last three months. 1.39% of the stock is owned by corporate insiders.
Targa Resources Stock Up 0.4 %
Targa Resources (NYSE:TRGP – Get Free Report) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period last year, the company posted $1.44 EPS. Research analysts anticipate that Targa Resources Corp. will post 6 EPS for the current fiscal year.
Targa Resources Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is currently 61.73%.
Wall Street Analyst Weigh In
TRGP has been the subject of several analyst reports. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Royal Bank of Canada increased their target price on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Barclays lifted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company increased their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a report on Tuesday, July 2nd. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $148.36.
Get Our Latest Stock Analysis on Targa Resources
About Targa Resources
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.
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