PNC Financial Services Group Inc. Sells 5,311 Shares of Targa Resources, Inc. $TRGP

PNC Financial Services Group Inc. lessened its stake in Targa Resources, Inc. (NYSE:TRGP) by 15.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,494 shares of the pipeline company’s stock after selling 5,311 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Targa Resources were worth $7,395,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. Woodline Partners LP raised its stake in shares of Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth boosted its position in shares of Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after buying an additional 2,404 shares during the period. Baird Financial Group Inc. boosted its position in shares of Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after buying an additional 219 shares during the period. Brown Advisory Inc. grew its holdings in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after buying an additional 524 shares in the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after buying an additional 3,163 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 1.37% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TRGP shares. TD Cowen lifted their target price on Targa Resources from $245.00 to $270.00 and gave the company a “hold” rating in a research report on Thursday, July 16th. Barclays raised their price target on shares of Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research note on Monday, July 13th. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. UBS Group reissued a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Finally, Truist Financial increased their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Seventeen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus price target of $288.00.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $281.04 on Monday. The stock has a 50 day moving average price of $269.86 and a 200 day moving average price of $242.40. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $291.04. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a market capitalization of $60.32 billion, a PE ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Analysts predict that Targa Resources, Inc. will post 10.76 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio is 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.