KBC Group NV Raises Position in Targa Resources Corp. (NYSE:TRGP)

KBC Group NV boosted its position in Targa Resources Corp. (NYSE:TRGP) by 183.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 43,581 shares of the pipeline company’s stock after purchasing an additional 28,225 shares during the period. KBC Group NV’s holdings in Targa Resources were worth $6,451,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Buckley Wealth Management LLC increased its stake in shares of Targa Resources by 0.7% in the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after purchasing an additional 65 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after buying an additional 83 shares during the period. Prime Capital Investment Advisors LLC grew its stake in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after buying an additional 84 shares in the last quarter. Fifth Third Bancorp raised its holdings in Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after acquiring an additional 89 shares during the period. Finally, Catalina Capital Group LLC lifted its position in shares of Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after acquiring an additional 99 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Stock Up 2.3 %

Shares of NYSE:TRGP opened at $196.04 on Monday. The firm has a market capitalization of $42.75 billion, a PE ratio of 35.45, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $197.14. The firm has a fifty day moving average of $163.51 and a 200 day moving average of $140.95.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the prior year, the business earned $0.97 EPS. As a group, research analysts anticipate that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Barclays lifted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Bank of America began coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday. Finally, Truist Financial increased their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $169.79.

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.