Kovitz Investment Group Partners LLC Acquires 18,228 Shares of Targa Resources Corp. (NYSE:TRGP)

Kovitz Investment Group Partners LLC increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 141.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,132 shares of the pipeline company's stock after acquiring an additional 18,228 shares during the period. Kovitz Investment Group Partners LLC's holdings in Targa Resources were worth $4,428,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Wellington Management Group LLP raised its holdings in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company's stock worth $2,235,927,000 after buying an additional 633,589 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company's stock worth $296,647,000 after buying an additional 271,444 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Targa Resources by 1.1% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company's stock worth $197,076,000 after buying an additional 14,287 shares during the last quarter. Merewether Investment Management LP raised its holdings in Targa Resources by 14.4% in the third quarter. Merewether Investment Management LP now owns 855,593 shares of the pipeline company's stock worth $126,636,000 after buying an additional 107,900 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in Targa Resources by 5.9% in the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company's stock worth $108,010,000 after buying an additional 46,864 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction 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 completion of the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the company's stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company's stock, valued at approximately $17,181,399.10. This represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock worth $29,661,212 over the last three months. 1.44% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Shares of TRGP traded down $7.43 during mid-day trading on Monday, reaching $186.91. The stock had a trading volume of 2,304,980 shares, compared to its average volume of 1,654,672. The firm has a market cap of $40.76 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 0.77 and a beta of 2.28. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87. The business has a fifty day moving average of $179.56 and a 200 day moving average of $150.78. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

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

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.61%. Targa Resources's payout ratio is currently 54.25%.

Analysts Set New Price Targets

TRGP has been the subject of several recent analyst reports. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. Bank of America started coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a "buy" rating and a $182.00 price objective for the company. Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a report on Tuesday, October 15th. Stifel Nicolaus boosted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Finally, Wells Fargo & Company boosted their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $176.50.

Targa Resources Company 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.