Targa Resources Corp. (NYSE:TRGP) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. decreased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 53.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,073 shares of the pipeline company’s stock after selling 43,481 shares during the quarter. Edgestream Partners L.P.’s holdings in Targa Resources were worth $4,903,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Fifth Third Bancorp increased its stake 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 purchasing an additional 89 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Targa Resources by 17.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 93 shares during the period. Catalina Capital Group LLC increased its stake in shares of Targa Resources by 3.4% in 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 during the period. Gulf International Bank UK Ltd increased its stake in shares of Targa Resources by 0.6% in the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after acquiring an additional 100 shares during the period. Finally, &PARTNERS increased its stake in shares of Targa Resources by 1.1% in the second quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after acquiring an additional 107 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the firm’s 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 transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Robert Muraro sold 2,500 shares of the firm’s 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 transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares in the company, valued at $32,531,882.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,534 shares of company stock valued at $4,788,590. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on TRGP. Barclays increased their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Truist Financial increased their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Scotiabank increased their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, Morgan Stanley increased their price objective 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. One research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $140.54.

Targa Resources Stock Performance

TRGP opened at $152.00 on Wednesday. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company has a market cap of $33.70 billion, a price-to-earnings ratio of 31.28, a PEG ratio of 1.16 and a beta of 2.26. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $152.42. The firm’s fifty day simple moving average is $139.88 and its two-hundred day simple moving average is $124.54.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period last year, the firm posted $1.44 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.97%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

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.