Targa Resources, Inc. $TRGP Shares Acquired by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 7.0% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 820,310 shares of the pipeline company’s stock after buying an additional 53,413 shares during the quarter. Hsbc Holdings PLC owned 0.38% of Targa Resources worth $151,331,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Korea Investment CORP grew its stake in shares of Targa Resources by 37.4% in the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock worth $43,688,000 after purchasing an additional 70,998 shares during the last quarter. NFC Investments LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $8,478,000. PNC Financial Services Group Inc. lifted its stake in Targa Resources by 57.0% during 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 purchasing an additional 12,640 shares during the last quarter. Wellington Management Group LLP lifted its stake in 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 valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the last quarter. Finally, Eventide Asset Management LLC boosted its holdings in 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 buying an additional 24,219 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

TRGP opened at $258.68 on Friday. The firm has a market capitalization of $55.52 billion, a P/E ratio of 26.16, a PEG ratio of 1.32 and a beta of 0.72. The stock has a fifty day moving average of $256.83 and a 200-day moving average of $225.93. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business 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%. Equities analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is 50.56%.

Analyst Ratings Changes

Several research firms have issued reports on TRGP. Truist Financial lifted their price target on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a research report on Tuesday, May 12th. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Morgan Stanley raised their price objective on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Finally, Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Sixteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $272.20.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated 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 owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.37% of the stock is currently owned by company insiders.

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.