Targa Resources Corp. (NYSE:TRGP) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 121,057 shares of the pipeline company’s stock after selling 2,420 shares during the quarter. Chevy Chase Trust Holdings LLC owned approximately 0.05% of Targa Resources worth $15,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Addison Advisors LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth approximately $27,000. Spire Wealth Management boosted its stake in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after purchasing an additional 264 shares in the last quarter. EdgeRock Capital LLC acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $42,000. Delos Wealth Advisors LLC acquired a new stake in shares of Targa Resources during the fourth quarter worth $43,000. Finally, Register Financial Advisors LLC acquired a new position in Targa Resources in the 1st quarter worth approximately $45,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRGP. Morgan Stanley upped their price target on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Royal Bank of Canada lifted their price objective on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Argus assumed coverage on shares of Targa Resources in a research report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price objective for the company. Truist Financial increased their price target on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Barclays raised their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $140.54.

Targa Resources Stock Performance

Shares of TRGP stock traded down $2.89 during trading hours on Tuesday, reaching $141.60. The company had a trading volume of 928,059 shares, compared to its average volume of 1,896,722. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. Targa Resources Corp. has a one year low of $77.97 and a one year high of $144.84. The firm has a market cap of $31.02 billion, a PE ratio of 29.14, a price-to-earnings-growth ratio of 1.14 and a beta of 2.27. The business has a fifty day moving average price of $131.93 and a 200-day moving average price of $116.66.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the business earned $1.44 EPS. Sell-side analysts predict that Targa Resources Corp. will post 5.8 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.12%. Targa Resources’s payout ratio is 61.73%.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 10,000 shares of the stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the transaction, the insider now directly owns 196,951 shares in the company, valued at $23,649,876.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the transaction, the insider now owns 196,951 shares of the company’s stock, valued at $23,649,876.08. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Paul W. Chung sold 5,264 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $138.03, for a total value of $726,589.92. Following the transaction, the director now directly owns 232,827 shares of the company’s stock, valued at $32,137,110.81. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,034 shares of company stock worth $5,623,890. 1.39% of the stock is owned by corporate insiders.

Targa Resources 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.