Centre Asset Management LLC Boosts Holdings in Targa Resources Corp. (NYSE:TRGP)

Centre Asset Management LLC boosted its stake in Targa Resources Corp. (NYSE:TRGP) by 7.4% in the fourth quarter, Holdings Channel.com reports. The fund owned 5,300 shares of the pipeline company’s stock after buying an additional 364 shares during the quarter. Centre Asset Management LLC’s holdings in Targa Resources were worth $946,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Buckley Wealth Management LLC increased its holdings in shares of Targa Resources by 0.7% in 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 period. Coldstream Capital Management Inc. grew its position in Targa Resources by 0.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after purchasing an additional 66 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Targa Resources by 9.8% in 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 period. Prime Capital Investment Advisors LLC raised its holdings in shares of Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after buying an additional 84 shares during the last quarter. Finally, Huntington National Bank boosted its stake in shares of Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after buying an additional 89 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the company’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 transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

TRGP stock traded up $2.93 during midday trading on Friday, hitting $185.99. 114,651 shares of the stock were exchanged, compared to its average volume of 622,319. The stock’s 50-day moving average price is $186.32 and its 200-day moving average price is $158.12. 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 market cap of $40.56 billion, a price-to-earnings ratio of 33.63, a PEG ratio of 0.73 and a beta of 2.30. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results 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 business had revenue of $3.85 billion during the quarter, compared to the consensus estimate 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 company posted $0.97 EPS. Research analysts predict that Targa Resources Corp. will post 6.26 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared 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 of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.61%. Targa Resources’s dividend payout ratio is presently 54.25%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TRGP. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada boosted their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Truist Financial decreased their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective on the stock. Finally, The Goldman Sachs Group raised their target price on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $181.43.

Targa Resources Company 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.