Targa Resources, Inc. $TRGP Shares Purchased by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. increased its stake in Targa Resources by 14.4%, owning 66,078 shares valued at $13.25 million after purchasing an additional 8,340 shares in the first quarter.
• Targa Resources reported earnings of $2.87 per share for the quarter, surpassing the consensus estimate of $1.95, despite revenue falling short at $4.26 billion against expectations of $4.82 billion.
• The company announced a quarterly dividend of $1.00 per share, increasing from a previous dividend of $0.12, representing a yield of 2.5% with a payout ratio of 56.58%.

Corebridge Financial Inc. grew its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 14.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,078 shares of the pipeline company's stock after purchasing an additional 8,340 shares during the quarter. Corebridge Financial Inc.'s holdings in Targa Resources were worth $13,247,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of TRGP. GQG Partners LLC lifted its stake in Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after purchasing an additional 1,410,747 shares in the last quarter. Nuveen LLC purchased a new position in Targa Resources in the 1st quarter worth approximately $196,351,000. Wellington Management Group LLP lifted its stake in Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after purchasing an additional 962,631 shares in the last quarter. GAMMA Investing LLC lifted its stake in Targa Resources by 22,699.0% in the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its stake in Targa Resources by 43.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after purchasing an additional 834,666 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 0.5%

Shares of NYSE TRGP traded up $0.89 during midday trading on Monday, reaching $167.85. 986,198 shares of the stock were exchanged, compared to its average volume of 1,519,261. The company has a 50 day simple moving average of $167.39 and a 200 day simple moving average of $173.90. The stock has a market capitalization of $36.12 billion, a P/E ratio of 23.74, a PEG ratio of 1.03 and a beta of 1.21. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a twelve month low of $142.11 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. As a group, equities analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. Targa Resources's payout ratio is 56.58%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Mizuho decreased their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research note on Friday. TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 target price on the stock. Royal Bank Of Canada raised their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. Finally, Scotiabank restated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $208.86.

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.