Strategy Asset Managers LLC Takes Position in Targa Resources Corp. (NYSE:TRGP)

Strategy Asset Managers LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP - Free Report) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,159 shares of the pipeline company's stock, valued at approximately $912,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources in the 2nd quarter worth approximately $29,000. DT Investment Partners LLC purchased a new position in shares of Targa Resources during the third quarter worth $29,000. UMB Bank n.a. grew its stake in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Targa Resources in the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter valued at about $44,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Down 1.0 %

Shares of Targa Resources stock traded down $2.00 during trading hours on Wednesday, hitting $201.57. The company had a trading volume of 654,657 shares, compared to its average volume of 1,648,255. The company's 50-day moving average is $165.80 and its two-hundred day moving average is $142.40. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $205.09. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market cap of $43.95 billion, a P/E ratio of 36.82, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24.

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

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.49%. Targa Resources's dividend payout ratio (DPR) is 54.25%.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company's stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company's stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,760 shares of company stock worth $30,026,712. Company insiders own 1.44% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on TRGP shares. Truist Financial upped their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They issued a "buy" rating and a $182.00 price objective on the stock. Argus raised Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Royal Bank of Canada upped their price target on Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. Finally, Morgan Stanley lifted their price objective on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Targa Resources currently has an average rating of "Buy" and a consensus price target of $176.50.

Targa Resources 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.