Braun Stacey Associates Inc. Takes Position in Targa Resources Corp. (NYSE:TRGP)

Braun Stacey Associates Inc. bought a new position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm bought 74,605 shares of the pipeline company's stock, valued at approximately $11,042,000.

Several other hedge funds also recently made changes to their positions in TRGP. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter worth $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the 2nd quarter worth about $29,000. UMB Bank n.a. boosted its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after buying an additional 222 shares during the period. Whittier Trust Co. bought a new stake in shares of Targa Resources during the 2nd quarter valued at about $44,000. Finally, Huntington National Bank raised its stake in 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 acquiring an additional 89 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

NYSE TRGP traded up $2.46 on Monday, reaching $198.50. 1,006,130 shares of the stock traded hands, compared to its average volume of 1,645,954. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $199.76. The company has a market cap of $43.28 billion, a price-to-earnings ratio of 35.45, a P/E/G ratio of 0.78 and a beta of 2.24. The firm's fifty day simple moving average is $163.51 and its 200 day simple moving average is $141.15. 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 (NYSE:TRGP - Get Free Report) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion during the quarter, compared to analysts' expectations of $4.24 billion. During the same quarter last year, the business posted $0.97 earnings per share. As a group, research analysts predict that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm 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 was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.51%. Targa Resources's payout ratio is currently 54.25%.

Analyst Ratings Changes

A number of equities analysts have commented on TRGP shares. 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. Argus raised Targa Resources to a "strong-buy" rating in a research report on Tuesday, September 3rd. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a report on Thursday, September 19th. Truist Financial increased their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a report on Friday. Finally, UBS Group boosted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research note on Friday. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources has an average rating of "Buy" and an average price target of $169.79.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the business's stock in a transaction 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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 over the last ninety days. 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.