Virtu Financial LLC Takes $1.15 Million Position in Targa Resources Corp. (NYSE:TRGP)

Virtu Financial LLC purchased a new stake in Targa Resources Corp. (NYSE:TRGP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 10,278 shares of the pipeline company’s stock, valued at approximately $1,151,000.

A number of other institutional investors also recently modified their holdings of TRGP. Vanguard Group Inc. grew its stake in shares of Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after acquiring an additional 201,817 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares during the last quarter. New Mexico Educational Retirement Board grew its stake in shares of Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after acquiring an additional 33,900 shares during the last quarter. Ieq Capital LLC grew its stake in shares of Targa Resources by 8.5% in the fourth quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock worth $536,000 after acquiring an additional 482 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its stake in Targa Resources by 160.3% during the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after buying an additional 178,655 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP traded down $5.52 on Friday, hitting $130.58. 1,647,957 shares of the company were exchanged, compared to its average volume of 1,593,620. The firm has a 50 day moving average of $127.15 and a two-hundred day moving average of $111.86. The company has a market cap of $28.95 billion, a P/E ratio of 26.70, a P/E/G ratio of 0.72 and a beta of 2.27. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a 1-year low of $77.97 and a 1-year high of $139.35.

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 the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. During the same quarter in the prior year, the company earned $1.44 EPS. On average, equities analysts predict that Targa Resources Corp. will post 5.37 EPS for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.30%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several analyst reports. Truist Financial boosted their price target on shares of Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $132.00 to $147.00 and gave the company a “buy” rating in a report on Friday. Barclays boosted their price target on shares of Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a report on Wednesday, July 3rd. Argus initiated coverage on shares of Targa Resources in a report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target on the stock. Finally, Wells Fargo & Company boosted their price target on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $134.46.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The disclosure for this sale can be found here. In the last three months, insiders have sold 52,691 shares of company stock worth $6,197,632. Company insiders own 1.39% of the company’s stock.

Targa Resources 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.