NewEdge Wealth LLC Purchases 1,834 Shares of Targa Resources Corp. (NYSE:TRGP)

NewEdge Wealth LLC grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 18.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,814 shares of the pipeline company’s stock after acquiring an additional 1,834 shares during the quarter. NewEdge Wealth LLC’s holdings in Targa Resources were worth $1,026,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Harbour Investments Inc. boosted its position in Targa Resources by 51.3% in the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock valued at $31,000 after buying an additional 121 shares during the last quarter. Quarry LP purchased a new stake in Targa Resources in the 1st quarter worth approximately $33,000. VisionPoint Advisory Group LLC raised its stake in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after buying an additional 209 shares during the period. Rational Advisors LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth approximately $43,000. Finally, Huntington National Bank raised its stake in shares of Targa Resources by 124.4% during the 3rd quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after buying an additional 296 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Targa Resources news, CFO Jennifer R. Kneale sold 26,061 shares of Targa Resources stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the sale, the chief financial officer now owns 227,663 shares of the company’s stock, valued at approximately $22,165,269.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,966 shares of company stock valued at $7,987,215. Insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Scotiabank increased their price objective on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday. Mizuho raised their target price on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Citigroup raised their target price on Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Royal Bank of Canada lifted their price objective on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, The Goldman Sachs Group boosted their target price on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. One research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $116.82.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $114.34 on Tuesday. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $117.61. The business has a 50 day moving average price of $103.80 and a two-hundred day moving average price of $92.01. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The firm has a market cap of $25.45 billion, a PE ratio of 31.16 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The firm had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Sell-side analysts expect that Targa Resources Corp. will post 5.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.75 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.62%. Targa Resources’s dividend payout ratio (DPR) is 54.50%.

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.