Strategy Asset Managers LLC Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

Strategy Asset Managers LLC bought a new position in Targa Resources Corp. (NYSE:TRGP) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,159 shares of the pipeline company’s stock, valued at approximately $912,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the second quarter worth about $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources in the third quarter worth about $29,000. UMB Bank n.a. raised its stake in shares of 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 buying an additional 222 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Targa Resources in the third quarter worth about $35,000. Finally, Whittier Trust Co. bought a new position in shares of Targa Resources in the second quarter worth about $44,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $203.62 on Wednesday. The stock has a market cap of $44.40 billion, a price-to-earnings ratio of 36.82, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day moving average price of $164.61 and a 200-day moving average price of $141.76. Targa Resources Corp. has a one year low of $81.03 and a one year high of $203.67.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the business earned $0.97 EPS. Equities analysts expect that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Analyst Ratings Changes

Several research firms have recently commented on TRGP. Truist Financial raised their price objective on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company lifted their target price on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Barclays lifted their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Royal Bank of Canada lifted their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $169.79.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock worth $30,026,712 in the last quarter. 1.44% of the stock is owned by company insiders.

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.