Icon Wealth Advisors LLC Has $1.40 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Icon Wealth Advisors LLC decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 30.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 9,430 shares of the pipeline company’s stock after selling 4,073 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Targa Resources were worth $1,396,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Zurich Insurance Group Ltd FI acquired a new stake in Targa Resources in the 2nd quarter worth approximately $72,345,000. American Century Companies Inc. lifted its stake in shares of Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after buying an additional 557,832 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after buying an additional 360,675 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after buying an additional 271,444 shares during the period. Finally, Blackstone Inc. raised its holdings in Targa Resources by 2.7% in the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after acquiring an additional 252,729 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $207.34 on Friday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The stock has a market cap of $45.21 billion, a P/E ratio of 37.49, a PEG ratio of 0.82 and a beta of 2.24. The company’s 50-day simple moving average is $168.18 and its 200 day simple moving average is $143.27.

Targa Resources (NYSE:TRGP) last released 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 company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the business earned $0.97 earnings per share. As a group, research analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction dated 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 transaction, the chief accounting officer now directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was 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 position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 in the last quarter. 1.39% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Wells Fargo & Company raised their target price on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $176.50.

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.