Lake Street Advisors Group LLC Has $516,000 Position in Targa Resources Corp. (NYSE:TRGP)

Lake Street Advisors Group LLC raised its position in shares of Targa Resources Corp. (NYSE:TRGP) by 65.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,609 shares of the pipeline company’s stock after purchasing an additional 1,819 shares during the quarter. Lake Street Advisors Group LLC’s holdings in Targa Resources were worth $516,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TRGP. Blackstone Inc. raised its stake in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after purchasing an additional 3,554,989 shares during the period. Norges Bank purchased a new position in shares of Targa Resources during the 4th quarter valued at $187,123,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock valued at $119,712,000 after acquiring an additional 962,073 shares in the last quarter. abrdn plc boosted its holdings in Targa Resources by 802.0% in the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock worth $42,125,000 after purchasing an additional 431,156 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in Targa Resources by 71.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after purchasing an additional 428,276 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Ershel C. Redd, Jr. sold 3,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $113.10, for a total transaction of $339,300.00. Following the sale, the director now directly owns 28,223 shares of the company’s stock, valued at $3,192,021.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares in the company, valued at $6,466,764. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 52,691 shares of company stock valued at $6,197,632. 1.39% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on TRGP. UBS Group upped their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Morgan Stanley upped their price objective on shares of Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Truist Financial upped their price target on shares of Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. Mizuho upped their price target on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Finally, The Goldman Sachs Group upped their price target on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and an average target price of $132.15.

Targa Resources Price Performance

NYSE:TRGP traded up $0.43 during mid-day trading on Thursday, hitting $132.05. The company’s stock had a trading volume of 287,351 shares, compared to its average volume of 1,586,083. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $138.28. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The company has a market capitalization of $29.28 billion, a price-to-earnings ratio of 27.08, a P/E/G ratio of 0.78 and a beta of 2.27. The stock has a fifty day moving average of $125.07 and a 200-day moving average of $109.96.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. As a group, equities analysts forecast that Targa Resources Corp. will post 5.38 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.27%. Targa Resources’s dividend payout ratio is 61.73%.

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.