Targa Resources, Inc. $TRGP Shares Bought by Sanctuary Advisors LLC

Sanctuary Advisors LLC grew its position in Targa Resources, Inc. (NYSE:TRGP) by 4.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,086 shares of the pipeline company’s stock after acquiring an additional 2,077 shares during the quarter. Sanctuary Advisors LLC’s holdings in Targa Resources were worth $11,806,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp boosted its holdings in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC raised its holdings in shares of Targa Resources by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares during the period. Norges Bank bought a new position in shares of Targa Resources in the 4th quarter worth about $735,758,000. Tortoise Capital Advisors L.L.C. lifted its position 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 worth $625,272,000 after buying an additional 572,562 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted 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 buying an additional 1,075,246 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRGP has been the topic of several research reports. Wells Fargo & Company increased their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. 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. The Goldman Sachs Group upped their target price on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Mizuho increased their price target on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Barclays raised their price target on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a report on Monday. Seventeen research 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, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $285.93.

Insider Activity at Targa Resources

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

Targa Resources Trading Up 0.8%

Targa Resources stock opened at $280.46 on Friday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $282.80. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The stock has a market capitalization of $60.20 billion, a PE ratio of 28.36, a price-to-earnings-growth ratio of 1.43 and a beta of 0.71. The firm has a 50 day simple moving average of $267.11 and a 200-day simple moving average of $238.26.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, equities research analysts expect that Targa Resources, Inc. will post 10.74 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s payout ratio is currently 50.56%.

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.