B. Riley Wealth Advisors Inc. Sells 3,161 Shares of Targa Resources Corp. (NYSE:TRGP)

B. Riley Wealth Advisors Inc. cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 24.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,031 shares of the pipeline company's stock after selling 3,161 shares during the period. B. Riley Wealth Advisors Inc.'s holdings in Targa Resources were worth $1,491,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources in the 2nd quarter valued at about $29,000. DT Investment Partners LLC bought a new stake in Targa Resources during the third quarter worth approximately $29,000. UMB Bank n.a. grew its position 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 buying an additional 222 shares during the last quarter. Prospera Private Wealth LLC bought a new position in shares of Targa Resources in the third quarter valued at $35,000. Finally, Whittier Trust Co. acquired a new stake in shares of Targa Resources during the 2nd quarter valued at $44,000. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. The Goldman Sachs Group lifted their target price on Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. Morgan Stanley lifted their price target on Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. US Capital Advisors lowered shares of Targa Resources from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Barclays lifted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $176.14.

Targa Resources Stock Down 1.2 %

Shares of TRGP traded down $2.18 during mid-day trading on Tuesday, hitting $181.22. 2,282,775 shares of the company's stock were exchanged, compared to its average volume of 1,656,612. The stock has a market cap of $39.52 billion, a price-to-earnings ratio of 33.16, a P/E/G ratio of 0.73 and a beta of 2.28. The firm has a fifty day moving average of $182.56 and a two-hundred day moving average of $153.25. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87.

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

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.66%. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company's stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at 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 value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock worth $29,661,212 over the last ninety days. Company 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.