Targa Resources Corp. (NYSE:TRGP) Shares Sold by OneAscent Financial Services LLC

OneAscent Financial Services LLC trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 36.2% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,276 shares of the pipeline company’s stock after selling 1,861 shares during the period. OneAscent Financial Services LLC’s holdings in Targa Resources were worth $485,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the second quarter valued at about $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter valued at about $29,000. UMB Bank n.a. boosted its position in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Whittier Trust Co. acquired a new position in shares of Targa Resources in the 2nd quarter valued at $44,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at $69,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 1.5 %

TRGP opened at $199.00 on Tuesday. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $199.76. The business has a 50-day moving average of $163.51 and a 200-day moving average of $141.15. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market capitalization of $43.39 billion, a PE ratio of 35.99, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating 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 business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the business earned $0.97 EPS. Equities research analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Morgan Stanley increased their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average price target of $169.79.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction 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 completion of the sale, 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 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. 1.44% of the stock is owned by corporate insiders.

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.