Targa Resources Corp. (NYSE:TRGP) Shares Bought by DNB Asset Management AS

DNB Asset Management AS lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 2.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 38,224 shares of the pipeline company’s stock after purchasing an additional 733 shares during the quarter. DNB Asset Management AS’s holdings in Targa Resources were worth $4,922,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Addison Advisors LLC purchased a new stake in Targa Resources during the fourth quarter worth about $27,000. Spire Wealth Management lifted its position in shares of Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 264 shares during the period. EdgeRock Capital LLC purchased a new stake in shares of Targa Resources during the 4th quarter worth approximately $42,000. Delos Wealth Advisors LLC acquired a new stake in shares of Targa Resources in the 4th quarter worth approximately $43,000. Finally, Register Financial Advisors LLC purchased a new position in Targa Resources in the 1st quarter valued at approximately $45,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on TRGP. Argus started coverage on Targa Resources in a report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 target price on the stock. The Goldman Sachs Group raised their target price on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Morgan Stanley lifted their target price on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Finally, Royal Bank of Canada lifted their price objective on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $138.62.

Insider Buying and Selling

In other news, Director Ershel C. Redd, Jr. sold 3,000 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the completion of the sale, the director now directly owns 28,223 shares in the company, valued at approximately $3,192,021.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Ershel C. Redd, Jr. sold 3,000 shares of Targa Resources stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $113.10, for a total value of $339,300.00. Following the transaction, the director now directly owns 28,223 shares of the company’s stock, valued at approximately $3,192,021.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,000 shares of company stock valued at $5,105,769. Insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $131.60 on Wednesday. The company has a market cap of $29.18 billion, a P/E ratio of 27.08, a P/E/G ratio of 0.70 and a beta of 2.27. The business has a fifty day simple moving average of $128.07 and a 200-day simple moving average of $113.27. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $139.35. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.75% and a net margin of 6.60%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same period last year, the company earned $1.44 EPS. Equities research analysts forecast that Targa Resources Corp. will post 5.4 EPS for the current year.

Targa Resources Dividend Announcement

The business 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 of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.28%. Targa Resources’s payout ratio is 61.73%.

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.