Targa Resources Corp. (NYSE:TRGP) Shares Sold by Ibex Wealth Advisors

Ibex Wealth Advisors lowered its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 87.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,008 shares of the pipeline company's stock after selling 20,957 shares during the quarter. Ibex Wealth Advisors' holdings in Targa Resources were worth $537,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Thrivent Financial for Lutherans raised its holdings in Targa Resources by 2.7% in the second quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company's stock worth $1,202,000 after purchasing an additional 245 shares in the last quarter. Algert Global LLC lifted its position in Targa Resources by 123.0% during the second quarter. Algert Global LLC now owns 4,147 shares of the pipeline company's stock valued at $534,000 after acquiring an additional 2,287 shares during the last quarter. Creative Planning boosted its stake in Targa Resources by 15.5% in the second quarter. Creative Planning now owns 37,237 shares of the pipeline company's stock valued at $4,795,000 after acquiring an additional 4,993 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Targa Resources by 100.1% in the second quarter. NewEdge Advisors LLC now owns 12,444 shares of the pipeline company's stock worth $1,603,000 after purchasing an additional 6,225 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its position in shares of Targa Resources by 166.1% during the second quarter. Sunbelt Securities Inc. now owns 1,650 shares of the pipeline company's stock worth $212,000 after purchasing an additional 1,030 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TRGP. Scotiabank assumed coverage on Targa Resources in a research report on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price objective for the company. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a report on Thursday, December 19th. Royal Bank of Canada boosted their target price 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. UBS Group raised their price target on shares of Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a report on Friday, November 15th. Finally, Truist Financial dropped their price objective on shares of Targa Resources from $225.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, December 13th. One 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 stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $189.21.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $1.58 during midday trading on Thursday, reaching $204.44. 285,352 shares of the stock were exchanged, compared to its average volume of 1,463,091. 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 50-day simple moving average of $193.45 and a two-hundred day simple moving average of $167.94. Targa Resources Corp. has a twelve month low of $84.33 and a twelve month high of $218.51. The firm has a market cap of $44.58 billion, a price-to-earnings ratio of 36.96, a PEG ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its 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. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the company posted $0.97 EPS. As a group, analysts anticipate that Targa Resources Corp. will post 6.42 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources's dividend payout ratio (DPR) is presently 54.25%.

Insider Transactions at Targa Resources

In other Targa Resources news, 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 transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company's stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated 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 completion of the sale, the insider now owns 82,979 shares of the company's stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company's stock.

About Targa Resources

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.