Adams Natural Resources Fund Inc. Purchases 27,800 Shares of Targa Resources, Inc. $TRGP

Adams Natural Resources Fund Inc. lifted its position in Targa Resources, Inc. (NYSE:TRGP) by 66.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 69,400 shares of the pipeline company’s stock after acquiring an additional 27,800 shares during the period. Targa Resources accounts for about 1.9% of Adams Natural Resources Fund Inc.’s investment portfolio, making the stock its 15th largest holding. Adams Natural Resources Fund Inc.’s holdings in Targa Resources were worth $12,804,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Korea Investment CORP increased its position in Targa Resources by 37.4% during the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after buying an additional 70,998 shares in the last quarter. NFC Investments LLC bought a new position in Targa Resources during the 3rd quarter valued at approximately $8,478,000. PNC Financial Services Group Inc. increased its position in Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after buying an additional 12,640 shares in the last quarter. Wellington Management Group LLP increased its position in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after buying an additional 1,620,253 shares in the last quarter. Finally, Bahl & Gaynor Inc. increased its position in Targa Resources by 26.8% during the 3rd quarter. Bahl & Gaynor Inc. now owns 1,242,347 shares of the pipeline company’s stock valued at $208,143,000 after buying an additional 262,553 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on TRGP. UBS Group raised their price objective on Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, March 24th. Royal Bank Of Canada reissued an “outperform” rating and issued a $281.00 target price on shares of Targa Resources in a report on Tuesday, May 12th. Truist Financial lifted their target price on Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. The Goldman Sachs Group lifted their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Finally, Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $269.21.

Targa Resources Price Performance

NYSE TRGP opened at $272.31 on Friday. The company has a market capitalization of $58.45 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The business’s fifty day moving average is $255.42 and its 200 day moving average is $222.87. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Sell-side analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.