Targa Resources Corp. (NYSE:TRGP) Shares Bought by Silvercrest Asset Management Group LLC

Silvercrest Asset Management Group LLC raised its holdings in Targa Resources Corp. (NYSE:TRGP) by 7.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,996 shares of the pipeline company’s stock after purchasing an additional 1,423 shares during the period. Silvercrest Asset Management Group LLC’s holdings in Targa Resources were worth $2,351,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Massmutual Trust Co. FSB ADV increased its stake in shares of Targa Resources by 17.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 93 shares in the last quarter. Gulf International Bank UK Ltd increased its stake in Targa Resources by 0.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after buying an additional 100 shares in the last quarter. Global Retirement Partners LLC raised its holdings in shares of Targa Resources by 0.5% during the first quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock valued at $2,745,000 after acquiring an additional 116 shares during the last quarter. Greenleaf Trust raised its holdings in shares of Targa Resources by 2.2% during the first quarter. Greenleaf Trust now owns 6,013 shares of the pipeline company’s stock valued at $673,000 after acquiring an additional 128 shares during the last quarter. Finally, Banque Cantonale Vaudoise lifted its holdings in Targa Resources by 0.6% in the 1st quarter. Banque Cantonale Vaudoise now owns 31,515 shares of the pipeline company’s stock valued at $3,530,000 after purchasing an additional 178 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Robert Muraro sold 9,900 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The disclosure for this sale can be found here. Insiders sold 52,691 shares of company stock worth $6,197,632 over the last 90 days. 1.39% of the stock is owned by insiders.

Targa Resources Stock Performance

NYSE TRGP opened at $134.14 on Wednesday. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The company has a market cap of $29.74 billion, a P/E ratio of 27.60, a P/E/G ratio of 0.71 and a beta of 2.27. The stock has a 50-day moving average of $126.30 and a two-hundred day moving average of $111.52. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $138.28.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. As a group, analysts anticipate that Targa Resources Corp. will post 5.38 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a $0.75 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.24%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. UBS Group raised their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. Argus assumed coverage on shares of Targa Resources in a report on Wednesday, June 26th. They set a “buy” rating and a $140.00 price target for the company. Royal Bank of Canada upped their price objective on Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a report on Thursday, May 16th. Truist Financial raised their target price on Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 10th. Finally, JPMorgan Chase & Co. upped their price target on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $132.15.

Targa Resources Company Profile

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.