Edgestream Partners L.P. Acquires 12,301 Shares of Targa Resources Corp. (NYSE:TRGP)

Edgestream Partners L.P. increased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 32.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,374 shares of the pipeline company’s stock after purchasing an additional 12,301 shares during the period. Edgestream Partners L.P.’s holdings in Targa Resources were worth $7,456,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. DT Investment Partners LLC acquired a new stake in Targa Resources during the 3rd quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources during the second quarter worth $29,000. UMB Bank n.a. raised its holdings in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the period. Prospera Private Wealth LLC bought a new stake in Targa Resources in the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. acquired a new position in Targa Resources in the 2nd quarter worth $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 57.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Muraro sold 2,500 shares of the firm’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 transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on TRGP. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday. Wells Fargo & Company lifted their target price on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Truist Financial boosted their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Morgan Stanley raised their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Stock Performance

Shares of TRGP opened at $204.30 on Friday. The company has a market cap of $44.55 billion, a PE ratio of 36.94, a price-to-earnings-growth ratio of 0.79 and a beta of 2.24. The firm has a 50-day moving average of $174.40 and a 200-day moving average of $147.03. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

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. The business had revenue of $3.85 billion during 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 last year, the company posted $0.97 earnings per share. As a group, equities analysts forecast that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given 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 1.47%. Targa Resources’s dividend payout ratio is currently 54.25%.

Targa Resources Company 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.