Brown Brothers Harriman & Co. Boosts Position in Targa Resources Corp. (NYSE:TRGP)

Brown Brothers Harriman & Co. raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 528.8% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,332 shares of the pipeline company’s stock after acquiring an additional 4,484 shares during the period. Brown Brothers Harriman & Co.’s holdings in Targa Resources were worth $789,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. DRW Securities LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at about $362,000. Independent Advisor Alliance purchased a new position in Targa Resources during the third quarter valued at approximately $977,000. Harvest Fund Management Co. Ltd lifted its holdings in Targa Resources by 14.2% in the third quarter. Harvest Fund Management Co. Ltd now owns 7,066 shares of the pipeline company’s stock valued at $1,046,000 after acquiring an additional 877 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Targa Resources in the 3rd quarter worth approximately $2,028,000. Finally, Fisher Asset Management LLC acquired a new stake in shares of Targa Resources during the 3rd quarter worth approximately $318,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRGP has been the subject of several analyst reports. Bank of America started coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial upped their price target on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Royal Bank of Canada boosted their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Finally, Morgan Stanley increased their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $176.50.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 in the last ninety days. 1.44% of the stock is owned by insiders.

Targa Resources Price Performance

NYSE:TRGP opened at $203.42 on Wednesday. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87. The stock has a market cap of $44.36 billion, a PE ratio of 36.78, a P/E/G ratio of 0.80 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day moving average price of $171.40 and a 200 day moving average price of $145.62.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the company earned $0.97 EPS. Equities research analysts expect that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.