Targa Resources Corp. (NYSE:TRGP) Position Reduced by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 30.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,430 shares of the pipeline company's stock after selling 4,073 shares during the quarter. Icon Wealth Advisors LLC's holdings in Targa Resources were worth $1,396,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TRGP. Bessemer Group Inc. grew its stake in shares of Targa Resources by 51.3% during the first quarter. Bessemer Group Inc. now owns 690 shares of the pipeline company's stock valued at $78,000 after acquiring an additional 234 shares in the last quarter. Natixis purchased a new stake in Targa Resources during the 1st quarter worth approximately $126,000. Advisors Asset Management Inc. raised its position in shares of Targa Resources by 19.9% in the 1st quarter. Advisors Asset Management Inc. now owns 12,557 shares of the pipeline company's stock valued at $1,406,000 after purchasing an additional 2,082 shares in the last quarter. Toronto Dominion Bank boosted its stake in shares of Targa Resources by 2.3% during the 1st quarter. Toronto Dominion Bank now owns 130,718 shares of the pipeline company's stock valued at $14,639,000 after buying an additional 2,924 shares during the last quarter. Finally, BOKF NA grew its position in shares of Targa Resources by 301.5% during the first quarter. BOKF NA now owns 819 shares of the pipeline company's stock worth $92,000 after buying an additional 615 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Bank of America started coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price target on the stock. Royal Bank of Canada upped their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a research note on Thursday, September 19th. Wells Fargo & Company upped their price objective on Targa Resources from $153.00 to $190.00 and gave the company an "overweight" rating in a research note on Wednesday, November 6th. Finally, Stifel Nicolaus lifted their target price on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research report on Wednesday. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of "Buy" and an average target price of $176.50.

Insider Activity

In related news, insider Robert Muraro sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company's stock, valued at $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $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. Over the last ninety days, insiders have sold 185,760 shares of company stock valued at $30,026,712. Company insiders own 1.39% of the company's stock.

Targa Resources Stock Performance

NYSE:TRGP traded down $0.38 during mid-day trading on Friday, hitting $207.31. The stock had a trading volume of 1,267,090 shares, compared to its average volume of 1,659,815. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a 50 day simple moving average of $169.37 and a 200-day simple moving average of $143.93. The stock has a market capitalization of $45.21 billion, a price-to-earnings ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts' consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. On average, research analysts expect that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.45%. Targa Resources's payout ratio is 54.25%.

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.