Truist Financial Corp Grows Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Truist Financial Corp increased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 874,538 shares of the pipeline company's stock after buying an additional 45,508 shares during the quarter. Truist Financial Corp owned 0.40% of Targa Resources worth $175,319,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in TRGP. Snowden Capital Advisors LLC boosted its holdings in Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after acquiring an additional 53 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in Targa Resources by 1.3% in the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after acquiring an additional 62 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock valued at $396,000 after acquiring an additional 67 shares in the last quarter. Curated Wealth Partners LLC boosted its holdings in Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock valued at $670,000 after acquiring an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP boosted its holdings in Targa Resources by 0.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after acquiring an additional 74 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a report on Monday, March 17th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $205.00 price target (up previously from $191.00) on shares of Targa Resources in a report on Thursday, June 26th. TD Securities started coverage on Targa Resources in a research report on Monday. They set a "hold" rating for the company. Citigroup lowered their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $208.31.

Targa Resources Stock Performance

NYSE:TRGP traded down $2.30 during mid-day trading on Monday, reaching $171.22. The company's stock had a trading volume of 764,826 shares, compared to its average volume of 1,836,010. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51. The firm's fifty day moving average price is $166.38 and its two-hundred day moving average price is $182.30. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. The stock has a market cap of $37.14 billion, a P/E ratio of 31.53, a PEG ratio of 0.62 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The business had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were given a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend 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.