Truist Financial Corp Grows Stock Holdings in Targa Resources, Inc. $TRGP

Truist Financial Corp lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 8.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 992,463 shares of the pipeline company’s stock after buying an additional 80,037 shares during the quarter. Truist Financial Corp’s holdings in Targa Resources were worth $183,109,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Amplify Investments LLC lifted its stake in Targa Resources by 21.4% in the 4th quarter. Amplify Investments LLC now owns 833 shares of the pipeline company’s stock worth $154,000 after purchasing an additional 147 shares in the last quarter. Oak Harbor Wealth Partners LLC lifted its stake in Targa Resources by 3.8% in the 4th quarter. Oak Harbor Wealth Partners LLC now owns 3,551 shares of the pipeline company’s stock worth $655,000 after purchasing an additional 131 shares in the last quarter. Manhattan West Asset Management LLC lifted its stake in Targa Resources by 45.1% in the 4th quarter. Manhattan West Asset Management LLC now owns 10,341 shares of the pipeline company’s stock worth $1,908,000 after purchasing an additional 3,213 shares in the last quarter. Horizon Investments LLC lifted its stake in Targa Resources by 9.3% in the 4th quarter. Horizon Investments LLC now owns 20,899 shares of the pipeline company’s stock worth $3,856,000 after purchasing an additional 1,773 shares in the last quarter. Finally, MN Wealth Advisors LLC lifted its stake in Targa Resources by 16.1% in the 4th quarter. MN Wealth Advisors LLC now owns 4,427 shares of the pipeline company’s stock worth $817,000 after purchasing an additional 614 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 17,500 shares of the business’s stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider directly owned 31,938 shares in the company, valued at $7,311,246.96. The trade was a 35.40% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lindsey Cooksen sold 435 shares of the business’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction of $100,798.20. Following the completion of the sale, the director owned 11,670 shares in the company, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

Targa Resources stock opened at $254.56 on Monday. The company’s 50-day moving average price is $240.75 and its 200-day moving average price is $202.03. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $260.49. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The company has a market cap of $54.68 billion, a PE ratio of 29.63, a price-to-earnings-growth ratio of 1.64 and a beta of 0.75.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. On average, equities research analysts forecast that Targa Resources, Inc. will post 10.32 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Stockholders of record on Thursday, April 30th will be issued a $1.25 dividend. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.0%. Targa Resources’s payout ratio is presently 58.21%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Royal Bank Of Canada boosted their price target on shares of Targa Resources from $260.00 to $270.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. UBS Group boosted their price target on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Scotiabank boosted their price target on shares of Targa Resources from $246.00 to $249.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Finally, TD Cowen boosted their price target on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $259.93.

About Targa Resources

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.