Targa Resources Corp. (NYSE:TRGP) Shares Purchased by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans lifted its stake in Targa Resources Corp. (NYSE:TRGP) by 7.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,208 shares of the pipeline company’s stock after acquiring an additional 1,102 shares during the period. Thrivent Financial for Lutherans’ holdings in Targa Resources were worth $2,752,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in TRGP. Wellington Management Group LLP boosted its stake in Targa Resources by 4.4% during the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after purchasing an additional 633,589 shares in the last quarter. Geode Capital Management LLC boosted its stake in Targa Resources by 1.7% during the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after buying an additional 97,583 shares in the last quarter. Amundi grew its holdings in Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock worth $353,469,000 after acquiring an additional 318,261 shares during the period. Charles Schwab Investment Management Inc. raised its position in Targa Resources by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,464,111 shares of the pipeline company’s stock worth $261,344,000 after acquiring an additional 38,723 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Targa Resources by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after acquiring an additional 14,287 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last 90 days. 1.39% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TRGP has been the topic of several recent research reports. Barclays lifted their price objective on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Citigroup raised their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Wells Fargo & Company boosted their target price on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Truist Financial increased their price target on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus target price of $211.00.

Targa Resources Price Performance

Shares of TRGP opened at $198.97 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market capitalization of $43.40 billion, a price-to-earnings ratio of 34.66, a P/E/G ratio of 0.61 and a beta of 2.32. The business’s 50-day moving average is $199.68 and its 200-day moving average is $184.39. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

About Targa Resources

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.