Advisor Resource Council Invests $675,000 in Targa Resources Corp. (NYSE:TRGP)

Advisor Resource Council acquired a new position in Targa Resources Corp. (NYSE:TRGP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,558 shares of the pipeline company’s stock, valued at approximately $675,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources in the 2nd quarter worth about $29,000. DT Investment Partners LLC bought a new position in Targa Resources in the 3rd quarter worth approximately $29,000. UMB Bank n.a. raised its holdings in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new position in shares of Targa Resources in the 2nd quarter worth approximately $44,000. Finally, Rogco LP purchased a new stake in shares of Targa Resources in the first quarter worth approximately $56,000. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on TRGP. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Wells Fargo & Company raised their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday. Truist Financial increased their price objective on shares of Targa Resources from $150.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank of Canada increased their price target on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $157.21.

Insider Transactions at Targa Resources

In related news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Paul W. Chung sold 5,264 shares of the business’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $138.03, for a total transaction of $726,589.92. Following the completion of the transaction, the director now directly owns 232,827 shares in the company, valued at approximately $32,137,110.81. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,764 shares of company stock worth $24,829,770. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

TRGP stock opened at $186.04 on Thursday. The firm has a market cap of $40.76 billion, a P/E ratio of 39.17, a price-to-earnings-growth ratio of 1.31 and a beta of 2.24. The stock has a 50-day simple moving average of $157.18 and a 200-day simple moving average of $137.19. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $189.62.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the business earned $0.97 EPS. On average, equities analysts predict that Targa Resources Corp. will post 5.96 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.61%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 63.16%.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.