Clearbridge Investments LLC increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 839,528 shares of the pipeline company's stock after buying an additional 86,578 shares during the quarter. Clearbridge Investments LLC owned about 0.39% of Targa Resources worth $154,893,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock worth $4,755,169,000 after buying an additional 422,075 shares during the period. Wellington Management Group LLP raised its stake in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock worth $3,291,012,000 after buying an additional 1,620,253 shares during the period. Geode Capital Management LLC raised its stake in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after buying an additional 45,495 shares during the period. Norges Bank acquired a new position in Targa Resources during the 4th quarter worth approximately $735,758,000. Finally, Goldman Sachs Group Inc. raised its stake in Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock worth $607,023,000 after buying an additional 1,075,246 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.
Targa Resources Stock Performance
Shares of Targa Resources stock opened at $264.19 on Monday. The company has a market cap of $56.71 billion, a PE ratio of 26.71, a price-to-earnings-growth ratio of 1.35 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The business has a 50 day moving average price of $253.46 and a 200-day moving average price of $219.78. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.
Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to analysts' expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Equities analysts anticipate that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.
Targa Resources Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources's dividend payout ratio (DPR) is 50.56%.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on TRGP. Wells Fargo & Company upped their price target on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, May 8th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research note on Friday, May 8th. Truist Financial upped their price target on Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a research note on Tuesday, May 12th. Seaport Research Partners reaffirmed a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, Morgan Stanley increased their price objective on Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Fifteen equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $269.21.
Read Our Latest Report on TRGP
Insider Activity at Targa Resources
In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.37% of the company's stock.
About Targa Resources
(
Free Report)
Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.
The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.
See Also
Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Targa Resources, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Targa Resources wasn't on the list.
While Targa Resources currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we’ll send you MarketBeat’s list of ten stocks set to soar in Summer 2026, despite the threat of tariffs and what's happening in Iran. These ten stocks are incredibly resilient and are likely to thrive in any economic environment.
Get This Free Report
