Americana Partners LLC Purchases 3,080 Shares of Targa Resources, Inc. $TRGP

Americana Partners LLC increased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.2% during the 4th quarter, Holdings Channel reports. The fund owned 77,178 shares of the pipeline company’s stock after buying an additional 3,080 shares during the quarter. Americana Partners LLC’s holdings in Targa Resources were worth $14,239,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. First Horizon Corp boosted its stake in Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock worth $63,000 after acquiring an additional 57 shares during the last quarter. Equitable Holdings Inc. raised its holdings in Targa Resources by 3.6% during the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock worth $287,000 after buying an additional 60 shares during the period. Larson Financial Group LLC raised its holdings in Targa Resources by 4.1% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock worth $253,000 after buying an additional 60 shares during the period. State of Wyoming raised its holdings in Targa Resources by 3.2% during the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock worth $361,000 after buying an additional 64 shares during the period. Finally, Stratos Wealth Partners LTD. raised its holdings in Targa Resources by 1.3% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company’s stock worth $845,000 after buying an additional 64 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $276.62 on Friday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a fifty day simple moving average of $248.57 and a 200 day simple moving average of $212.59. The stock has a market capitalization of $59.37 billion, a PE ratio of 27.97, a P/E/G ratio of 1.69 and a beta of 0.75.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts expect that Targa Resources, Inc. will post 10.66 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $1.25 dividend. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insiders Place Their Bets

In related news, President Jennifer R. Kneale sold 29,509 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the completion of the transaction, the president directly owned 235,260 shares of the company’s stock, valued at approximately $54,138,031.20. This trade represents a 11.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the firm’s stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 115,531 shares of company stock valued at $27,405,821 in the last ninety days. 1.37% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. BMO Capital Markets restated an “outperform” rating and set a $241.00 target price on shares of Targa Resources in a report on Friday, February 20th. Morgan Stanley raised their target price on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. Truist Financial raised their target price on shares of Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Finally, Scotiabank raised their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $266.36.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.