Truist Financial Corp Buys 80,037 Shares of Targa Resources, Inc. $TRGP

Key Points

• Truist Financial increased its stake in Targa Resources by 8.8%, buying 80,037 shares to own 992,463 shares worth about $183.1 million (≈0.46% of the company) at quarter-end.
• Targa raised its quarterly dividend to $1.25 (annualized $5.00, ~2.0% yield) and posted a quarterly EPS of $2.51 (beating estimates), while analysts lifted price targets and the consensus rating is a Moderate Buy (average target ~$259.93).
• Insiders have sold about 104,929 shares (~$24.7 million) in the last 90 days, even as institutional ownership remains high at 92.13% and the firm shows a leverage concern with a debt-to-equity ratio of 5.21.

Truist Financial Corp boosted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 992,463 shares of the pipeline company's stock after purchasing an additional 80,037 shares during the period. Truist Financial Corp owned approximately 0.46% of Targa Resources worth $183,109,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. First Horizon Corp grew its position in Targa Resources by 20.1% in the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company's stock worth $63,000 after purchasing an additional 57 shares during the period. Larson Financial Group LLC grew its position in Targa Resources by 4.1% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company's stock worth $253,000 after purchasing an additional 60 shares during the period. Equitable Holdings Inc. grew its position in Targa Resources by 3.6% in the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company's stock worth $287,000 after purchasing an additional 60 shares during the period. Stratos Wealth Partners LTD. grew its position in Targa Resources by 1.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company's stock worth $845,000 after purchasing an additional 64 shares during the period. Finally, State of Wyoming grew its position in Targa Resources by 3.2% in the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company's stock worth $361,000 after purchasing an additional 64 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Up 0.1%

Shares of Targa Resources stock opened at $254.56 on Monday. The company's fifty day simple moving average is $240.75 and its 200-day simple moving average is $202.03. The stock has a market capitalization of $54.68 billion, a PE ratio of 29.63, a P/E/G ratio of 1.64 and a beta of 0.75. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $260.49. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The business had revenue of $4.06 billion for the quarter, compared to analysts' expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities analysts anticipate that Targa Resources, Inc. will post 10.32 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be paid a dividend of $1.25 per share. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date is Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 2.0%. Targa Resources's dividend payout ratio is presently 58.21%.

Insider Activity at Targa Resources

In related news, President Jennifer R. Kneale sold 29,509 shares of Targa Resources stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the transaction, the president owned 235,260 shares in the company, valued at approximately $54,138,031.20. The trade was a 11.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles R. Crisp sold 1,359 shares of Targa Resources stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the transaction, the director owned 77,094 shares in the company, valued at approximately $17,677,654.20. This trade represents a 1.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock worth $24,692,134 in the last 90 days. Company insiders own 1.37% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on TRGP. Citigroup lifted their target price on shares of Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a research report on Tuesday, February 24th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $248.00 to $264.00 and gave the stock an "overweight" rating in a research note on Friday, March 13th. BMO Capital Markets reiterated an "outperform" rating and set a $241.00 price target on shares of Targa Resources in a research note on Friday, February 20th. Truist Financial lifted their price target on shares of Targa Resources from $279.00 to $285.00 and gave the stock a "buy" rating in a research note on Monday, April 13th. Finally, Weiss Ratings upgraded shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, January 29th. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of "Moderate Buy" and an average price target of $259.93.

Targa Resources Company Profile

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.

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