Sunbelt Securities Inc. Raises Position in Targa Resources Corp. (NYSE:TRGP)

Sunbelt Securities Inc. raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 24.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,058 shares of the pipeline company’s stock after buying an additional 408 shares during the quarter. Sunbelt Securities Inc.’s holdings in Targa Resources were worth $305,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in TRGP. Buckley Wealth Management LLC boosted its position in shares of Targa Resources by 0.7% during the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after acquiring an additional 65 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after purchasing an additional 66 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Targa Resources by 9.8% during the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after purchasing an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC grew its stake in Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after buying an additional 84 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in shares of Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after buying an additional 89 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TRGP shares. Truist Financial dropped their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday. UBS Group upped their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Barclays increased their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Stifel Nicolaus boosted their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Morgan Stanley increased their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $176.14.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 183,260 shares of company stock valued at $29,661,212. Company insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 0.5 %

Shares of TRGP opened at $184.60 on Friday. The stock has a market capitalization of $40.25 billion, a P/E ratio of 33.38, a PEG ratio of 0.74 and a beta of 2.28. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a fifty day simple moving average of $181.52 and a two-hundred day simple moving average of $151.76.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the firm posted $0.97 earnings per share. On average, research analysts anticipate that Targa Resources Corp. will post 6.26 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.63%. Targa Resources’s dividend payout ratio is currently 54.25%.

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.