Waldron Private Wealth LLC Has $2.23 Million Position in Targa Resources Corp. (NYSE:TRGP)

Waldron Private Wealth LLC cut its stake in Targa Resources Corp. (NYSE:TRGP) by 64.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,496 shares of the pipeline company’s stock after selling 22,988 shares during the period. Waldron Private Wealth LLC’s holdings in Targa Resources were worth $2,231,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after purchasing an additional 633,589 shares during the period. National Bank of Canada FI boosted its stake in shares of Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after purchasing an additional 259,776 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its stake in Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after purchasing an additional 246,762 shares during the last quarter. International Assets Investment Management LLC boosted its position in Targa Resources by 14,163.5% in the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after buying an additional 202,822 shares in the last quarter. Finally, Worldquant Millennium Advisors LLC grew its stake in shares of Targa Resources by 1,904.8% during the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock worth $29,596,000 after buying an additional 189,984 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of research reports. Truist Financial dropped their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Wells Fargo & Company boosted their price target on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, Stifel Nicolaus boosted their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Performance

NYSE:TRGP opened at $196.55 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $84.33 and a twelve month high of $218.51. The company has a fifty day moving average of $193.40 and a 200-day moving average of $168.20. The firm has a market capitalization of $42.86 billion, a P/E ratio of 35.54, a P/E/G ratio of 0.61 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the business earned $0.97 earnings per share. As a group, sell-side analysts anticipate that Targa Resources Corp. will post 6.41 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.53%. The ex-dividend date is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.

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.