Prudential PLC Has $13.61 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Prudential PLC raised its position in shares of Targa Resources Corp. (NYSE:TRGP) by 11.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 105,660 shares of the pipeline company’s stock after acquiring an additional 10,810 shares during the period. Prudential PLC’s holdings in Targa Resources were worth $13,607,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. UMB Bank n.a. raised its position in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Spire Wealth Management raised its position in Targa Resources by 2,400.0% in the first quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 264 shares in the last quarter. Whittier Trust Co. acquired a new stake in shares of Targa Resources during the second quarter worth approximately $44,000. Register Financial Advisors LLC acquired a new stake in shares of Targa Resources during the first quarter worth approximately $45,000. Finally, Quarry LP bought a new position in shares of Targa Resources in the fourth quarter valued at approximately $50,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on TRGP. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $132.00 to $147.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Truist Financial lifted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Scotiabank lifted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. One investment analyst has rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average target price of $140.54.

Insider Activity

In related news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of 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 35,534 shares of company stock worth $4,788,590 over the last three months. 1.39% of the stock is currently owned by insiders.

Targa Resources Stock Performance

NYSE TRGP opened at $143.93 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The firm has a market capitalization of $31.53 billion, a price-to-earnings ratio of 29.62, a P/E/G ratio of 1.16 and a beta of 2.26. The firm’s 50 day simple moving average is $138.07 and its 200 day simple moving average is $122.43. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $152.42.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. As a group, research analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

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.