Virtu Financial LLC Buys New Stake in Targa Resources Corp. (NYSE:TRGP)

Virtu Financial LLC bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 10,278 shares of the pipeline company’s stock, valued at approximately $1,151,000.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Vanguard Group Inc. increased its stake in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after buying an additional 201,817 shares during the period. Blackstone Inc. increased its stake in Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after buying an additional 252,729 shares during the period. Norges Bank purchased a new stake in Targa Resources during the 4th quarter worth $187,123,000. Massachusetts Financial Services Co. MA increased its position in shares of Targa Resources by 5.7% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,139,543 shares of the pipeline company’s stock worth $185,862,000 after purchasing an additional 115,288 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Targa Resources by 14.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,858,920 shares of the pipeline company’s stock worth $161,479,000 after purchasing an additional 234,749 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on TRGP shares. Truist Financial boosted their target price on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 10th. Scotiabank boosted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. UBS Group boosted their target price on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research report on Tuesday, June 11th. Finally, Argus started coverage on shares of Targa Resources in a report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target for the company. One equities research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $134.46.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the transaction, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at $15,396,766.74. The disclosure for this sale can be found here. Insiders sold 52,691 shares of company stock valued at $6,197,632 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock traded down $5.52 during midday trading on Friday, reaching $130.58. 1,647,957 shares of the stock traded hands, compared to its average volume of 1,593,620. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The firm has a fifty day moving average price of $127.15 and a two-hundred day moving average price of $111.86. The firm has a market cap of $28.95 billion, a price-to-earnings ratio of 26.70, a PEG ratio of 0.72 and a beta of 2.27. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $139.35.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. During the same period in the previous year, the business posted $1.44 EPS. On average, equities research analysts forecast that Targa Resources Corp. will post 5.37 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.