Truist Financial Corp Boosts Stock Holdings in Targa Resources, Inc. (NYSE:TRGP)

Truist Financial Corp lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 874,538 shares of the pipeline company's stock after purchasing an additional 45,508 shares during the period. Truist Financial Corp owned 0.40% of Targa Resources worth $175,319,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after purchasing an additional 150,038 shares during the last quarter. Geode Capital Management LLC raised 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 purchasing an additional 212,986 shares during the last quarter. Norges Bank purchased a new stake in shares of Targa Resources in the fourth quarter worth approximately $505,132,000. Price T Rowe Associates Inc. MD increased its position in shares of 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 acquiring an additional 53,853 shares during the last quarter. Finally, GQG Partners LLC purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $393,335,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

NYSE TRGP traded down $0.26 during trading on Friday, hitting $173.52. 760,692 shares of the stock traded hands, compared to its average volume of 1,840,013. The company has a market capitalization of $37.64 billion, a P/E ratio of 31.96, a price-to-earnings-growth ratio of 0.62 and a beta of 1.07. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51. The firm has a 50-day simple moving average of $166.38 and a 200-day simple moving average of $182.23. 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 (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 the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. As a group, analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on TRGP. Truist Financial raised their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. UBS Group decreased their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. Morgan Stanley raised their target price on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research report on Monday, March 17th. The Goldman Sachs Group cut their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Citigroup cut their price target on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Twelve investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $209.67.

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.