Tritonpoint Wealth LLC Boosts Position in Targa Resources Corp. (NYSE:TRGP)

Tritonpoint Wealth LLC lifted its position in Targa Resources Corp. (NYSE:TRGP) by 8.0% in the fourth quarter, Holdings Channel reports. The firm owned 1,548 shares of the pipeline company’s stock after buying an additional 115 shares during the period. Tritonpoint Wealth LLC’s holdings in Targa Resources were worth $276,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. DT Investment Partners LLC purchased a new stake in shares of Targa Resources in the 3rd quarter worth approximately $29,000. Prospera Private Wealth LLC purchased a new stake in Targa Resources during the third quarter worth $35,000. Rosenberg Matthew Hamilton lifted its holdings in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the period. UMB Bank n.a. boosted its position in Targa Resources by 39.6% during the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after acquiring an additional 106 shares in the last quarter. Finally, Huntington National Bank raised its position in shares of Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 89 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Barclays increased their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Scotiabank assumed coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. Finally, Wells Fargo & Company increased their price objective on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $189.21.

Insiders Place Their Bets

In related news, CAO Julie H. Boushka sold 3,260 shares of the business’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 completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $196.55 on Monday. The company has a 50 day simple moving average of $193.19 and a two-hundred day simple moving average of $168.87. The stock has a market cap of $42.86 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 0.61 and a beta of 2.30. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $84.33 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The company 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 period in the prior year, the company earned $0.97 earnings per share. As a group, analysts predict that Targa Resources Corp. will post 6.41 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.53%. The ex-dividend date is Friday, January 31st. 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.