American Century Companies Inc. increases stake in Targa Resources Corp. (NYSE:TRGP)

VaselineSeptember 14, 2024

0 5 minutes read

American Century Companies Inc. increased its stake in Targa Resources Corp shares. (NYSE:TRGP – Free Report) by 239.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 791,095 shares of the pipeline company’s stock after purchasing an additional 557,832 shares during the quarter. American Century Companies Inc. owned about 0.36% of Targa Resources worth $101,877,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TRGP. Bahl & Gaynor Inc. boosted its holdings in Targa Resources by 32.4% in the second quarter. Bahl & Gaynor Inc. now owns 687,132 shares of the pipeline company’s stock valued at $88,489,000 after purchasing an additional 168,267 shares in the last quarter. Royal London Asset Management Ltd. raised its stake in Targa Resources by 0.5% in the second quarter. Royal London Asset Management Ltd. now owns 68,366 shares of the pipeline company’s stock worth $8,804,000 after acquiring an additional 309 shares during the period. Choreo LLC acquired a new stake in shares of Targa Resources in the second quarter valued at $929,000. Prudential PLC boosted its stake in Targa Resources by 11.4% in the second quarter. Prudential PLC now owns 105,660 shares of the pipeline company’s stock valued at $13,607,000 after acquiring an additional 10,810 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Targa Resources in the second quarter valued at about $78,000. Institutional investors and hedge funds own 92.13% of the company’s shares.

The Wall Street analyst weighs in

A number of analysts have recently issued reports on the stock. Truist Financial upped their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Scotiabank boosted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada upped their target price on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a research report on Tuesday, August 13th. Goldman Sachs Group upped their target price on shares of Targa Resources from $132.00 to $147.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Barclays boosted their target price on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Targa Resources currently has an average rating of “Buy” and a consensus price target of $140.54, based on data from MarketBeat.com.

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Check out the latest stock analysis on TRGP

Insider activity at Targa Resources

In related news, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. Also, CAO Julie H. Boushka sold 12,641 shares of the firm’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the completion of the sale, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,534 shares of company stock worth $4,788,590. Company insiders own 1.39% of the company’s shares.

Targa Resources Trading Up 1.0%

Shares of TRGP stock opened at $148.19 on Friday. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53, and a current ratio of 0.65. The firm has a fifty day moving average of $139.13 and a 200 day moving average of $123.43. Targa Resources Corp. it has a 52-week low of $77.97 and a 52-week high of $152.42. The stock has a market cap of $32.47 billion, a price-to-earnings ratio of 30.49, a P/E/G ratio of 1.15 and a beta of 2.26.

Targa Resources (NYSE:TRGP – Get Your Free Report ) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. In the same quarter last year, the firm earned $1.44 EPS. On average, equities research analysts forecast that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a dividend of $3.00 on an annualized basis and a yield of 2.02%. Targa Resources’ payout ratio is 61.73%.

About Targa Resources

(Free Report)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires and develops a portfolio of complementary domestic infrastructure assets in North America. It operates in two segments, Collection and Processing and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting and selling natural gas; storage, fractionation, treatment, transportation and sale of natural gas liquids (NGL) and NGL products, including services for LNG exporters; and gathering, storing, finishing, buying and selling crude oil.