Private Advisory Group LLC Buys New Stake in Targa Resources Corp. (NYSE:TRGP)

Private Advisory Group LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 11,321 shares of the pipeline company's stock, valued at approximately $1,676,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in shares of Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company's stock worth $3,025,521,000 after buying an additional 201,817 shares in the last quarter. Caxton Associates LP bought a new position in Targa Resources in the 2nd quarter valued at approximately $2,323,000. Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 231.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company's stock valued at $119,712,000 after purchasing an additional 962,073 shares during the last quarter. New Mexico Educational Retirement Board increased its holdings in shares of Targa Resources by 287.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company's stock worth $5,118,000 after purchasing an additional 33,900 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company's stock worth $32,486,000 after purchasing an additional 178,655 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $3.24 during mid-day trading on Friday, reaching $165.76. 2,264,313 shares of the company traded hands, compared to its average volume of 1,654,912. The company's 50 day moving average price is $146.71 and its 200-day moving average price is $129.99. The firm has a market cap of $36.31 billion, a PE ratio of 34.76, a PEG ratio of 1.29 and a beta of 2.25. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $166.07. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping analysts' consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the prior year, the business posted $1.44 earnings per share. On average, equities analysts expect that Targa Resources Corp. will post 5.9 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. Royal Bank of Canada increased their price objective on Targa Resources from $147.00 to $153.00 and gave the company an "outperform" rating in a research report on Tuesday, August 13th. Barclays increased their price objective on shares of Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a research report on Wednesday, July 3rd. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 2nd. Truist Financial boosted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a "buy" rating in a research note on Monday, August 5th. Finally, Argus upgraded Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $141.77.

Insiders Place Their Bets

In other news, insider Gerald R. Shrader sold 3,000 shares of the company's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $136.06, for a total value of $408,180.00. Following the completion of the transaction, the insider now owns 29,603 shares of the company's stock, valued at $4,027,784.18. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on 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 sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares of the company's stock, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,534 shares of company stock worth $26,815,021. 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.