Targa Resources, Inc. $TRGP Shares Acquired by Candriam S.C.A.

Candriam S.C.A. boosted its position in Targa Resources, Inc. (NYSE:TRGP) by 564.1% in the first quarter, Holdings Channel.com reports. The firm owned 158,775 shares of the pipeline company’s stock after acquiring an additional 134,866 shares during the quarter. Candriam S.C.A.’s holdings in Targa Resources were worth $39,810,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in TRGP. PNC Financial Services Group Inc. boosted its stake in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after buying an additional 12,640 shares in the last quarter. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares in the last quarter. Eventide Asset Management LLC raised its holdings in Targa Resources by 6.9% during the third quarter. Eventide Asset Management LLC now owns 375,619 shares of the pipeline company’s stock worth $62,960,000 after purchasing an additional 24,219 shares during the last quarter. Hsbc Holdings PLC boosted its position in Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Finally, Raiffeisen Bank International AG boosted its position in Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after purchasing an additional 20,905 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were 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 of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.37% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Truist Financial increased their price objective on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Jefferies Financial Group initiated coverage on shares of Targa Resources in a report on Thursday, June 18th. They set a “buy” rating and a $314.00 target price for the company. Wells Fargo & Company lifted their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a report on Thursday. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and an average target price of $281.93.

Targa Resources Stock Performance

NYSE TRGP opened at $273.24 on Friday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The stock has a market cap of $58.65 billion, a price-to-earnings ratio of 27.63, a price-to-earnings-growth ratio of 1.40 and a beta of 0.71. The business has a fifty day moving average of $265.16 and a 200-day moving average of $235.18. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a $1.25 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s payout ratio is currently 50.56%.

Targa Resources Company 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.