Wealthfront Advisers LLC Acquires 4,931 Shares of Targa Resources, Inc. $TRGP

Wealthfront Advisers LLC lifted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 25.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 24,187 shares of the pipeline company’s stock after acquiring an additional 4,931 shares during the quarter. Wealthfront Advisers LLC’s holdings in Targa Resources were worth $6,064,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp increased its holdings in Targa Resources by 1.3% during the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock valued at $2,337,289,000 after buying an additional 162,878 shares during the period. Geode Capital Management LLC boosted its position in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Norges Bank bought a new stake in Targa Resources during the 4th quarter valued at $735,758,000. Tortoise Capital Advisors L.L.C. increased its holdings in shares of Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after acquiring an additional 572,562 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on TRGP shares. Barclays boosted their price target on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Truist Financial lifted their target price on Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday. Mizuho boosted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. UBS Group reissued a “buy” rating and set a $318.00 price target on shares of Targa Resources in a research report on Thursday, July 9th. Finally, Erste Group Bank initiated coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. Seventeen analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $285.93.

Targa Resources Stock Performance

Shares of TRGP opened at $283.39 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $285.56. The stock has a fifty day moving average price of $267.82 and a 200-day moving average price of $238.58. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a market cap of $60.83 billion, a PE ratio of 28.65, a P/E/G ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data 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 return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Equities research analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $1.25 dividend. 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 (DPR) is currently 50.56%.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.37% of the company’s stock.

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.