Summit Trail Advisors LLC Buys 376 Shares of Targa Resources Corp. (NYSE:TRGP)

Summit Trail Advisors LLC boosted its position in Targa Resources Corp. (NYSE:TRGP) by 10.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,022 shares of the pipeline company’s stock after buying an additional 376 shares during the period. Summit Trail Advisors LLC’s holdings in Targa Resources were worth $595,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in TRGP. Buckley Wealth Management LLC increased its holdings in shares of Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after acquiring an additional 65 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after purchasing an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC raised its holdings in Targa Resources by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after buying an additional 84 shares during the last quarter. Fifth Third Bancorp raised its holdings in Targa Resources by 1.0% during the second quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after buying an additional 89 shares during the last quarter. Finally, Huntington National Bank lifted its stake in shares of Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after buying an additional 89 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Trading Down 3.0 %

Shares of TRGP opened at $201.10 on Tuesday. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The business has a 50-day moving average of $170.38 and a 200 day moving average of $144.99. The firm has a market cap of $43.85 billion, a P/E ratio of 36.37, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its quarterly 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. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the company earned $0.97 earnings per share. As a group, research analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.49%. Targa Resources’s dividend payout ratio is currently 54.25%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Morgan Stanley upped their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Barclays boosted their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Truist Financial raised their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday, November 15th. Stifel Nicolaus upped their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $176.50.

Insider Buying and Selling

In related news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on 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 directly owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 185,760 shares of company stock valued at $30,026,712. Company insiders own 1.39% of the company’s stock.

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.