Hsbc Holdings PLC Buys 14,257 Shares of Targa Resources, Inc. $TRGP

Hsbc Holdings PLC grew its position in Targa Resources, Inc. (NYSE:TRGP) by 1.4% during the 2nd quarter, Holdings Channel reports. The firm owned 1,020,283 shares of the pipeline company’s stock after purchasing an additional 14,257 shares during the quarter. Hsbc Holdings PLC’s holdings in Targa Resources were worth $274,660,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in TRGP. Atlantic Union Bankshares Corp bought a new position in Targa Resources during the 4th quarter valued at about $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources during the fourth quarter worth about $30,000. Leonteq Securities AG bought a new stake in Targa Resources during the fourth quarter worth about $31,000. Jones Financial Companies Lllp acquired a new stake in shares of Targa Resources during the second quarter worth approximately $32,000. Finally, Compass Financial Management LLC acquired a new stake in shares of Targa Resources during the second quarter worth approximately $33,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.1%

Shares of NYSE TRGP opened at $290.20 on Monday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a market cap of $62.23 billion, a PE ratio of 27.74, a P/E/G ratio of 1.38 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The company has a 50-day moving average of $277.51 and a two-hundred day moving average of $259.94.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. As a group, equities analysts expect that Targa Resources, Inc. will post 11.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 47.80%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. Truist Financial lifted their target price on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research note on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Wells Fargo & Company raised their price target on Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a report on Wednesday. UBS Group reiterated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Finally, TD Cowen boosted their price objective on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $301.18.

Insider Buying and Selling at Targa Resources

In related news, Director Paul W. Chung sold 1,816 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 7,216 shares of company stock worth $2,127,634. 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.