Thrivent Financial for Lutherans Buys 9,807 Shares of Targa Resources, Inc. $TRGP

Thrivent Financial for Lutherans raised its stake in Targa Resources, Inc. (NYSE:TRGP) by 104.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,154 shares of the pipeline company’s stock after acquiring an additional 9,807 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Targa Resources were worth $3,534,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Olistico Wealth LLC bought a new position in Targa Resources in the 4th quarter valued at about $27,000. Atlantic Union Bankshares Corp bought a new position in Targa Resources in the 4th quarter valued at about $27,000. Root Financial Partners LLC bought a new position in Targa Resources in the 3rd quarter valued at about $39,000. Eagle Bay Advisors LLC bought a new position in Targa Resources in the 4th quarter valued at about $42,000. Finally, Ares Financial Consulting LLC bought a new position in Targa Resources in the 4th quarter valued at about $61,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Up 2.4%

Shares of TRGP opened at $276.62 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The firm’s 50 day moving average is $248.57 and its 200-day moving average is $212.59. The stock has a market capitalization of $59.37 billion, a PE ratio of 27.97, a P/E/G ratio of 1.73 and a beta of 0.75. 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 EPS for the quarter, missing the consensus estimate 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 the consensus estimate of $4.68 billion. Equities research analysts forecast that Targa Resources, Inc. will post 10.66 EPS for the current year.

Targa Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research analyst reports. Royal Bank Of Canada reissued an “outperform” rating and issued a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Truist Financial increased their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. Wells Fargo & Company raised their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, The Goldman Sachs Group raised their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $266.36.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider owned 305,163 shares in the company, valued at $73,043,815.68. This represents a 9.37% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 115,531 shares of company stock valued at $27,405,821. 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.