Targa Resources, Inc. $TRGP Stock Position Increased by Inspire Investing LLC

Inspire Investing LLC raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 15.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 41,115 shares of the pipeline company’s stock after acquiring an additional 5,638 shares during the period. Inspire Investing LLC’s holdings in Targa Resources were worth $11,114,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Bank of America Corp DE acquired a new position in shares of Targa Resources during the second quarter valued at $734,846,000. Legal & General Group Plc bought a new stake in shares of Targa Resources during the second quarter valued at about $336,575,000. Canada Pension Plan Investment Board bought a new stake in shares of Targa Resources during the second quarter valued at about $275,702,000. Hsbc Holdings PLC acquired a new stake in Targa Resources in the second quarter worth about $274,660,000. Finally, Kayne Anderson Capital Advisors LP acquired a new stake in Targa Resources in the second quarter worth about $260,337,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Morgan Stanley increased their target price on shares of Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a research report on Wednesday, September 16th. Truist Financial restated a “buy” rating and set a $345.00 price target (up from $312.00) on shares of Targa Resources in a research report on Monday, September 21st. Scotiabank restated an “outperform” rating and issued a $319.00 target price on shares of Targa Resources in a research report on Thursday, October 15th. Wolfe Research set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. Finally, UBS Group reaffirmed a “buy” rating and set a $318.00 price target (up from $305.00) on shares of Targa Resources in a research note on Thursday, July 9th. One equities research analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $319.25.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $302.31 on Friday. Targa Resources, Inc. has a twelve month low of $150.00 and a twelve month high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The company has a market capitalization of $64.82 billion, a price-to-earnings ratio of 28.90, a PEG ratio of 1.20 and a beta of 0.80. The firm has a 50-day moving average of $288.85 and a two-hundred day moving average of $271.67.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, analysts expect that Targa Resources, Inc. will post 11.42 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Paul W. Chung sold 1,816 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the transaction, the director owned 44,000 shares in the company, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 7,216 shares of company stock valued at $2,127,634 over the last ninety days. Insiders own 1.37% of the company’s stock.

Targa Resources Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.