Targa Resources, Inc. $TRGP Holdings Boosted by Icon Wealth Advisors LLC

Icon Wealth Advisors LLC boosted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 24.0% during the fourth quarter, HoldingsChannel.com reports. The fund owned 19,649 shares of the pipeline company’s stock after acquiring an additional 3,797 shares during the period. Icon Wealth Advisors LLC’s holdings in Targa Resources were worth $3,625,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp bought a new position in Targa Resources in the fourth quarter worth about $27,000. Olistico Wealth LLC bought a new position in Targa Resources in the fourth quarter worth about $27,000. Leonteq Securities AG bought a new position in Targa Resources in the fourth quarter worth about $31,000. Godfrey Financial Associates Inc. bought a new position in Targa Resources in the fourth quarter worth about $37,000. Finally, Eagle Bay Advisors LLC bought a new position in Targa Resources in the fourth quarter worth about $42,000. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

TRGP opened at $272.31 on Friday. The business’s 50 day moving average is $255.42 and its 200-day moving average is $222.87. The stock has a market cap of $58.45 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio is presently 50.56%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on TRGP shares. 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. Citigroup reissued a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a report on Friday, May 8th. Barclays raised their target price on shares of Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a report on Thursday, May 14th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Fifteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $269.21.

About Targa Resources

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.