Waldron Private Wealth LLC Grows Holdings in Targa Resources Corp. (NYSE:TRGP)

Waldron Private Wealth LLC increased its stake in Targa Resources Corp. (NYSE:TRGP) by 103.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 35,484 shares of the pipeline company’s stock after acquiring an additional 18,028 shares during the quarter. Waldron Private Wealth LLC’s holdings in Targa Resources were worth $5,252,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources in the 2nd quarter worth $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the period. Whittier Trust Co. purchased a new stake in Targa Resources in the second quarter worth about $44,000. Register Financial Advisors LLC bought a new position in Targa Resources during the 1st quarter worth about $45,000. Finally, Rogco LP purchased a new position in Targa Resources during the 1st quarter valued at about $56,000. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other 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 transaction of $160,140.26. Following the sale, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction dated 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 $4,027,784.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock valued at $26,815,021 over the last 90 days. Insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on TRGP. Royal Bank of Canada increased their price objective 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. Scotiabank lifted their price target on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. 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, the company has an average rating of “Buy” and an average price target of $148.36.

Targa Resources Stock Performance

Shares of TRGP traded up $3.57 during trading hours on Tuesday, reaching $165.28. 500,654 shares of the company traded hands, compared to its average volume of 1,639,486. The stock has a market capitalization of $36.21 billion, a P/E ratio of 34.04, a P/E/G ratio of 1.27 and a beta of 2.25. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The business has a fifty day moving average price of $150.91 and a 200-day moving average price of $132.74. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $167.79.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the company earned $1.44 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 6 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. Targa Resources’s payout ratio is currently 63.16%.

Targa Resources Profile

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.