abrdn plc Buys 431,156 Shares of Targa Resources Corp. (NYSE:TRGP)

abrdn plc boosted its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 802.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 484,917 shares of the pipeline company's stock after purchasing an additional 431,156 shares during the period. abrdn plc owned about 0.22% of Targa Resources worth $42,125,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. VisionPoint Advisory Group LLC grew its position in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company's stock valued at $34,000 after purchasing an additional 209 shares in the last quarter. Rational Advisors LLC bought a new position in shares of Targa Resources in the 3rd quarter valued at about $43,000. Huntington National Bank grew its position in shares of Targa Resources by 124.4% in the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company's stock valued at $46,000 after acquiring an additional 296 shares during the period. Harvest Fund Management Co. Ltd grew its position in shares of Targa Resources by 36.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company's stock valued at $48,000 after acquiring an additional 150 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Targa Resources by 77.5% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 850 shares of the pipeline company's stock valued at $73,000 after acquiring an additional 371 shares during the period. Institutional investors own 92.13% of the company's stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the business's stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares of the company's stock, valued at approximately $3,754,434.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider D. Scott Pryor sold 10,000 shares of the company's stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares of the company's stock, valued at approximately $15,141,506. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Joe Bob Perkins sold 33,405 shares of the company's stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company's stock, valued at approximately $3,754,434.80. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock valued at $7,987,215 in the last quarter. Company insiders own 1.44% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP stock traded up $0.59 during midday trading on Monday, hitting $113.51. 1,584,666 shares of the company were exchanged, compared to its average volume of 1,744,193. The firm has a market capitalization of $25.26 billion, a P/E ratio of 30.93 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The firm's 50 day moving average price is $106.35 and its two-hundred day moving average price is $93.10. Targa Resources Corp. has a 52 week low of $67.36 and a 52 week high of $117.61.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.49 by ($0.26). The business had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. As a group, equities research analysts anticipate that Targa Resources Corp. will post 5.77 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a $0.75 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.64%. This is an increase from Targa Resources's previous quarterly dividend of $0.50. Targa Resources's payout ratio is currently 54.50%.

Analysts Set New Price Targets

A number of brokerages have recently commented on TRGP. Stifel Nicolaus lifted their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a "buy" rating in a research report on Tuesday, April 16th. Citigroup lifted their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the company a "buy" rating in a research report on Wednesday, February 21st. Scotiabank lifted their price objective on shares of Targa Resources from $112.00 to $128.00 and gave the company a "sector outperform" rating in a research report on Monday, April 15th. Barclays lifted their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the company an "overweight" rating in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday, March 6th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $119.55.

About Targa Resources

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.