Truist Financial Corp Has $63.98 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Truist Financial Corp increased its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 15.7% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 736,553 shares of the pipeline company's stock after acquiring an additional 100,124 shares during the quarter. Truist Financial Corp owned approximately 0.33% of Targa Resources worth $63,984,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Signaturefd LLC grew its holdings in shares of Targa Resources by 4.7% in the 3rd quarter. Signaturefd LLC now owns 5,408 shares of the pipeline company's stock worth $464,000 after acquiring an additional 244 shares during the last quarter. Morgan Stanley boosted its position in shares of Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company's stock worth $325,003,000 after buying an additional 524,794 shares during the period. Quadrature Capital Ltd boosted its position in shares of Targa Resources by 364.0% in the third quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company's stock worth $7,615,000 after buying an additional 69,690 shares during the period. Spirit of America Management Corp NY boosted its position in shares of Targa Resources by 21.6% in the fourth quarter. Spirit of America Management Corp NY now owns 57,500 shares of the pipeline company's stock worth $4,995,000 after buying an additional 10,200 shares during the period. Finally, Nordea Investment Management AB boosted its position in shares of Targa Resources by 32.8% in the third quarter. Nordea Investment Management AB now owns 18,001 shares of the pipeline company's stock worth $1,543,000 after buying an additional 4,447 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the transaction, the director now directly owns 38,440 shares in the company, valued at $3,754,434.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total value of $3,262,666.35. Following the transaction, the director now directly owns 38,440 shares in the company, valued at $3,754,434.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock worth $7,987,215 over the last three months. Corporate insiders own 1.39% of the company's stock.

Targa Resources Stock Down 0.7 %

NYSE TRGP traded down $0.82 during trading on Friday, hitting $116.86. 1,602,709 shares of the company traded hands, compared to its average volume of 1,657,967. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The business has a fifty day simple moving average of $108.36 and a 200 day simple moving average of $94.04. The company has a current ratio of 0.79, a quick ratio of 0.66 and a debt-to-equity ratio of 2.68. The company has a market capitalization of $26.01 billion, a P/E ratio of 31.84 and a beta of 2.21.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. As a group, sell-side analysts predict that Targa Resources Corp. will post 5.8 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. This is a positive change from Targa Resources's previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.57%. The ex-dividend date is Monday, April 29th. Targa Resources's dividend payout ratio (DPR) is 81.74%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their target price on Targa Resources from $122.00 to $125.00 and gave the stock an "overweight" rating in a research report on Wednesday, March 6th. UBS Group decreased their target price on Targa Resources from $109.00 to $108.00 and set a "buy" rating for the company in a research report on Thursday, January 18th. Stifel Nicolaus raised their target price on Targa Resources from $111.00 to $130.00 and gave the stock a "buy" rating in a research report on Tuesday, April 16th. Royal Bank of Canada raised their target price on Targa Resources from $106.00 to $109.00 and gave the stock an "outperform" rating in a research report on Monday, February 26th. Finally, Citigroup lifted their price objective on Targa Resources from $104.00 to $112.00 and gave the company a "buy" rating in a research report on Wednesday, February 21st. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and an average target price of $119.55.

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.