2,050 Shares in Targa Resources, Inc. $TRGP Acquired by Diversify Wealth Management LLC

Diversify Wealth Management LLC bought a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,050 shares of the pipeline company’s stock, valued at approximately $513,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its stake in shares of Targa Resources by 271.3% in the 1st quarter. Fifth Third Bancorp now owns 42,592 shares of the pipeline company’s stock valued at $10,679,000 after purchasing an additional 31,120 shares during the last quarter. Heronetta Management L.P. raised its stake in Targa Resources by 1.0% during the first quarter. Heronetta Management L.P. now owns 10,342 shares of the pipeline company’s stock worth $2,593,000 after buying an additional 100 shares during the last quarter. Simplicity Wealth LLC acquired a new position in Targa Resources in the first quarter valued at $261,000. Candriam S.C.A. lifted its holdings in Targa Resources by 564.1% in the first quarter. Candriam S.C.A. now owns 158,775 shares of the pipeline company’s stock valued at $39,810,000 after buying an additional 134,866 shares during the period. Finally, Conning Inc. bought a new stake in Targa Resources during the first quarter valued at $219,000. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the business’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 transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.37% of the stock is owned by insiders.

Targa Resources Trading Up 1.1%

Shares of Targa Resources stock opened at $283.39 on Friday. The company has a market capitalization of $60.83 billion, a P/E ratio of 28.65, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. The stock has a fifty day simple moving average of $267.82 and a 200 day simple moving average of $238.58. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $285.56. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 10.74 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio is currently 50.56%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on TRGP shares. Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. Jefferies Financial Group initiated coverage on Targa Resources in a research report on Thursday, June 18th. They set a “buy” rating and a $314.00 target price on the stock. UBS Group reissued a “buy” rating and issued a $318.00 price target on shares of Targa Resources in a research note on Thursday, July 9th. Truist Financial raised their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Mizuho lifted their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Seventeen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $285.93.

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.