Targa Resources, Inc. $TRGP Stock Holdings Lifted by Adams Natural Resources Fund Inc.

Adams Natural Resources Fund Inc. grew its stake in Targa Resources, Inc. (NYSE:TRGP) by 33.3% during the first quarter, HoldingsChannel reports. The firm owned 92,500 shares of the pipeline company’s stock after purchasing an additional 23,100 shares during the quarter. Targa Resources comprises approximately 2.7% of Adams Natural Resources Fund Inc.’s portfolio, making the stock its 9th biggest holding. Adams Natural Resources Fund Inc.’s holdings in Targa Resources were worth $23,193,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Korea Investment CORP increased its stake in Targa Resources by 37.4% in 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 during the period. NFC Investments LLC acquired a new stake in shares of Targa Resources in the 3rd quarter worth $8,478,000. PNC Financial Services Group Inc. boosted its holdings in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after acquiring an additional 12,640 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the period. Finally, Eventide Asset Management LLC increased its stake in shares of Targa Resources by 6.9% during the third quarter. Eventide Asset Management LLC now owns 375,619 shares of the pipeline company’s stock worth $62,960,000 after acquiring an additional 24,219 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $272.83 on Friday. The stock has a market cap of $58.56 billion, a price-to-earnings ratio of 27.59, a PEG ratio of 1.40 and a beta of 0.72. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The company’s 50-day moving average price is $259.59 and its 200 day moving average price is $229.14. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed 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. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is presently 50.56%.

Analyst Ratings Changes

Several research firms recently issued reports on TRGP. Royal Bank Of Canada reissued an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. The Goldman Sachs Group lifted their price target on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research note on Monday, April 20th. Morgan Stanley upped their price objective on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research report on Friday, May 8th. Finally, Truist Financial raised their target price on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $272.73.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 1.37% of the company’s stock.

About Targa Resources

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.