Hsbc Holdings PLC Boosts Stock Holdings in Targa Resources, Inc. $TRGP

Hsbc Holdings PLC increased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 22.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,006,026 shares of the pipeline company’s stock after buying an additional 185,716 shares during the period. Hsbc Holdings PLC owned 0.47% of Targa Resources worth $252,247,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Olistico Wealth LLC acquired a new position in shares of Targa Resources in the fourth quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources during the 4th quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources during the 4th quarter valued at about $30,000. Leonteq Securities AG purchased a new position in shares of Targa Resources in the 4th quarter valued at about $31,000. Finally, Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources in the 4th quarter valued at about $37,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 1.1%

Shares of TRGP opened at $283.39 on Friday. The stock has a 50 day moving average price of $267.82 and a 200 day moving average price of $238.58. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $285.56. 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 $60.83 billion, a price-to-earnings ratio of 28.65, a PEG ratio of 1.45 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last announced 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 net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Equities research analysts forecast 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. Stockholders of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend 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%.

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 legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on TRGP. Truist Financial increased their price target on Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research report on Wednesday. Citigroup restated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Mizuho upped their target price on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Barclays increased their target price on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a research report on Monday, July 13th. Finally, Erste Group Bank began coverage on shares of Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating on the stock. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $285.93.

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.