Targa Resources, Inc. $TRGP Shares Bought by Gabelli Funds LLC

Gabelli Funds LLC increased its holdings in Targa Resources, Inc. (NYSE:TRGP) by 3.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 48,100 shares of the pipeline company’s stock after acquiring an additional 1,800 shares during the quarter. Gabelli Funds LLC’s holdings in Targa Resources were worth $12,060,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Hardy Reed LLC raised its stake in shares of Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after purchasing an additional 41 shares during the last quarter. Hantz Financial Services Inc. grew its position in Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after buying an additional 50 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in shares of Targa Resources by 0.7% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after acquiring an additional 51 shares during the period. First Horizon Corp increased its position in shares of Targa Resources by 20.1% in the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after buying an additional 57 shares in the last quarter. Finally, Larson Financial Group LLC increased its holdings in Targa Resources by 4.1% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 60 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.37% of the company’s stock.

Targa Resources Stock Down 0.1%

Shares of Targa Resources stock opened at $281.04 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The firm has a market cap of $60.32 billion, a P/E ratio of 28.42, a P/E/G ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $291.04. The business has a 50-day moving average price of $269.86 and a 200 day moving average price of $242.40.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. On average, sell-side analysts forecast that Targa Resources, Inc. will post 10.76 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Truist Financial lifted their price objective on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Jefferies Financial Group began coverage on shares of Targa Resources in a research report on Thursday, June 18th. They set a “buy” rating and a $314.00 price target for the company. Finally, Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. Seventeen research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $288.00.

Targa Resources 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.