Targa Resources, Inc. $TRGP Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. grew its position in Targa Resources, Inc. (NYSE:TRGP) by 5.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 883,607 shares of the pipeline company’s stock after acquiring an additional 46,829 shares during the quarter. Franklin Resources Inc.’s holdings in Targa Resources were worth $163,025,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TRGP. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $37,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $42,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TRGP. Scotiabank increased their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. The Goldman Sachs Group increased their price objective on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a report on Tuesday, May 12th. Morgan Stanley increased their price target on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Finally, UBS Group increased their price target on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Fifteen investment 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 company presently has an average rating of “Moderate Buy” and an average target price of $269.21.

Targa Resources Price Performance

Targa Resources stock opened at $272.54 on Thursday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00. 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 has a fifty day moving average of $254.50 and a two-hundred day moving average of $221.82. The company has a market cap of $58.50 billion, a P/E ratio of 27.56, a price-to-earnings-growth ratio of 1.35 and a beta of 0.72.

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

Targa Resources Increases Dividend

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

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction 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 completion of the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.37% of the company’s stock.

Targa Resources 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.