Bank of America Corp DE Takes Position in Targa Resources, Inc. $TRGP

Bank of America Corp DE bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,740,533 shares of the pipeline company's stock, valued at approximately $734,846,000. Bank of America Corp DE owned 1.28% of Targa Resources at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TRGP. Leonteq Securities AG bought a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Jones Financial Companies Lllp bought a new stake in shares of Targa Resources during the 2nd quarter valued at $32,000. Compass Financial Management LLC purchased a new stake in shares of Targa Resources in the 2nd quarter worth about $33,000. CoreCap Advisors LLC lifted its position in shares of Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after buying an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC bought a new position in Targa Resources during the second quarter valued at approximately $35,000. Institutional investors own 92.13% of the company's stock.

Insider Activity

In other Targa Resources news, Director S Davis sold 2,400 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents a 61.08% 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, Director Charles Crisp sold 3,000 shares of the business's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares in the company, valued at $18,079,007.16. This represents a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. TD Cowen increased their price objective on Targa Resources from $270.00 to $275.00 and gave the company a "hold" rating in a report on Friday, August 7th. Truist Financial raised their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a "buy" rating in a report on Wednesday, July 15th. Morgan Stanley lifted their price objective on Targa Resources from $333.00 to $343.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 18th. US Capital Advisors lowered Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Finally, Wolfe Research set a $335.00 price objective on Targa Resources in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $309.94.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $285.67 on Wednesday. The firm has a market capitalization of $61.26 billion, a PE ratio of 27.31, a PEG ratio of 1.35 and a beta of 0.72. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The business's 50 day moving average is $281.11 and its 200-day moving average is $262.97.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Sell-side analysts predict that Targa Resources, Inc. will post 11.32 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources's dividend payout ratio is presently 47.80%.

Targa Resources Company Profile

Targa Resources Corp. NYSE: TRGP is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.

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