NewEdge Advisors LLC Purchases 6,225 Shares of Targa Resources Corp. (NYSE:TRGP)

NewEdge Advisors LLC lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 100.1% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,444 shares of the pipeline company's stock after acquiring an additional 6,225 shares during the quarter. NewEdge Advisors LLC's holdings in Targa Resources were worth $1,603,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. Fifth Third Bancorp increased its position in Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company's stock worth $1,148,000 after buying an additional 89 shares during the period. Massmutual Trust Co. FSB ADV increased its stake in Targa Resources by 17.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company's stock valued at $71,000 after purchasing an additional 93 shares during the last quarter. Catalina Capital Group LLC raised its stake in Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company's stock valued at $392,000 after acquiring an additional 99 shares in the last quarter. Gulf International Bank UK Ltd boosted its position in shares of Targa Resources by 0.6% during the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company's stock valued at $1,981,000 after purchasing an additional 100 shares in the last quarter. Finally, &PARTNERS lifted its position in Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company's stock worth $1,302,000 after buying an additional 107 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Targa Resources stock traded up $2.52 during trading hours on Friday, hitting $158.02. The stock had a trading volume of 1,097,144 shares, compared to its average volume of 1,836,407. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $158.12. The company has a market cap of $34.62 billion, a PE ratio of 32.51, a price-to-earnings-growth ratio of 1.21 and a beta of 2.25. The company has a 50-day moving average of $144.63 and a two-hundred day moving average of $128.86. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the company posted $1.44 EPS. On average, equities research analysts anticipate that Targa Resources Corp. will post 5.88 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.90%. Targa Resources's dividend payout ratio is currently 61.73%.

Analysts Set New Price Targets

TRGP has been the topic of several research analyst reports. UBS Group upped their price target on shares of Targa Resources from $116.00 to $147.00 and gave the company a "buy" rating in a research note on Tuesday, June 11th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $140.00 to $145.00 and gave the company an "overweight" rating in a report on Tuesday, July 2nd. Barclays increased their target price on Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a research note on Wednesday, July 3rd. Royal Bank of Canada upped their target price on shares of Targa Resources from $147.00 to $153.00 and gave the stock an "outperform" rating in a report on Tuesday, August 13th. Finally, Scotiabank increased their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 17th. Twelve investment analysts have rated the stock with 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 $141.77.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares of the company's stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Robert Muraro sold 2,500 shares of the business's 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 sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,534 shares of company stock valued at $26,815,021. 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.