KBC Group NV Increases Stock Position in Targa Resources, Inc. (NYSE:TRGP)

KBC Group NV raised its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 167.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 140,840 shares of the pipeline company's stock after purchasing an additional 88,158 shares during the period. KBC Group NV owned 0.06% of Targa Resources worth $28,234,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after buying an additional 150,038 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after acquiring an additional 212,986 shares during the period. Norges Bank purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD lifted its position in Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after purchasing an additional 53,853 shares during the period. Finally, GQG Partners LLC purchased a new stake in Targa Resources in the fourth quarter worth approximately $393,335,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on TRGP shares. Morgan Stanley increased their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a research report on Tuesday, March 18th. Scotiabank raised their price objective on shares of Targa Resources from $193.00 to $197.00 and gave the stock a "sector outperform" rating in a report on Thursday, June 5th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $205.00 price target (up from $191.00) on shares of Targa Resources in a research report on Thursday, June 26th. Twelve investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $209.67.

Targa Resources Stock Down 0.1%

Shares of TRGP traded down $0.26 during mid-day trading on Friday, hitting $173.52. 760,692 shares of the company traded hands, compared to its average volume of 1,835,929. The business has a 50 day moving average of $166.46 and a 200 day moving average of $182.21. The company has a market capitalization of $37.64 billion, a PE ratio of 31.96, a price-to-earnings-growth ratio of 0.62 and a beta of 1.07. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were paid a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's payout ratio is currently 73.66%.

Targa Resources Company 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.