Bahl & Gaynor Inc. Has $27.19 Million Stake in Targa Resources Corp. (NYSE:TRGP)

Bahl & Gaynor Inc. increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 106.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 312,937 shares of the pipeline company’s stock after purchasing an additional 161,097 shares during the period. Bahl & Gaynor Inc.’s holdings in Targa Resources were worth $27,185,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Deutsche Bank AG boosted its position in Targa Resources by 200.4% during the third quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares during the period. Truist Financial Corp boosted its position in Targa Resources by 11,513.7% during the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after purchasing an additional 630,949 shares during the period. Morgan Stanley boosted its position in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after purchasing an additional 524,794 shares during the period. abrdn plc boosted its position in shares of Targa Resources by 802.0% in the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock valued at $42,125,000 after acquiring an additional 431,156 shares during the period. Finally, Wellington Management Group LLP boosted its position in shares of Targa Resources by 5.1% in the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after acquiring an additional 401,144 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TRGP has been the subject of a number of recent research reports. Scotiabank boosted their target price 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. Citigroup boosted their target price 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. Truist Financial boosted their target price on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Mizuho boosted their target price on shares of Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, Stifel Nicolaus upped their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. 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.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $119.55.

Insider Activity at Targa Resources

In other news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the sale, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total transaction of $973,100.00. Following the sale, the insider now directly owns 219,451 shares in the company, valued at approximately $21,354,776.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction on 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 sale, the director now owns 38,440 shares in the company, valued at $3,754,434.80. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is owned by insiders.

Targa Resources Stock Down 0.7 %

NYSE TRGP traded down $0.82 on Friday, reaching $116.86. The company had a trading volume of 1,602,694 shares, compared to its average volume of 1,732,265. The stock has a market capitalization of $26.01 billion, a P/E ratio of 31.84 and a beta of 2.21. The company’s fifty day moving average is $108.36 and its 200 day moving average is $93.91. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.87. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. Sell-side analysts anticipate that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.57%. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio is presently 54.50%.

Targa Resources Company 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.