Targa Resources Corp. (NYSE:TRGP) Shares Bought by Affinity Wealth Management LLC

Affinity Wealth Management LLC grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 117.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,341 shares of the pipeline company’s stock after purchasing an additional 2,884 shares during the period. Affinity Wealth Management LLC’s holdings in Targa Resources were worth $953,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of TRGP. Thrivent Financial for Lutherans boosted its stake in Targa Resources by 2.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock valued at $1,202,000 after purchasing an additional 245 shares in the last quarter. Evergreen Capital Management LLC acquired a new stake in shares of Targa Resources in the second quarter valued at $243,000. AXA S.A. boosted its stake in Targa Resources by 3.9% during the second quarter. AXA S.A. now owns 11,188 shares of the pipeline company’s stock valued at $1,441,000 after buying an additional 416 shares in the last quarter. AQR Capital Management LLC grew its holdings in Targa Resources by 63.4% during the second quarter. AQR Capital Management LLC now owns 272,749 shares of the pipeline company’s stock worth $35,100,000 after acquiring an additional 105,842 shares during the period. Finally, APG Asset Management N.V. bought a new stake in Targa Resources in the second quarter worth about $1,511,000. 92.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on TRGP shares. Truist Financial cut their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Morgan Stanley increased their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Stifel Nicolaus lifted their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Royal Bank of Canada upped 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. Finally, Wells Fargo & Company lifted their price target on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $189.21.

Targa Resources Stock Down 1.1 %

Shares of TRGP stock opened at $209.10 on Friday. Targa Resources Corp. has a one year low of $84.00 and a one year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a fifty day moving average price of $193.46 and a 200 day moving average price of $166.28. The stock has a market cap of $45.60 billion, a P/E ratio of 37.81, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results 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 business had revenue of $3.85 billion for the quarter, compared to analyst estimates 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 firm earned $0.97 EPS. Analysts predict that Targa Resources Corp. will post 6.42 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value 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. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

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.