B. Riley Wealth Advisors Inc. Has $1.19 Million Stake in Targa Resources Corp. (NYSE:TRGP)

B. Riley Wealth Advisors Inc. lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 4.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,652 shares of the pipeline company’s stock after purchasing an additional 573 shares during the quarter. B. Riley Wealth Advisors Inc.’s holdings in Targa Resources were worth $1,186,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of TRGP. Blackstone Inc. raised its position in Targa Resources by 60.4% in the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock valued at $820,290,000 after buying an additional 3,554,989 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after acquiring an additional 401,144 shares during the period. Deutsche Bank AG boosted its stake in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after acquiring an additional 3,720,270 shares during the period. Morgan Stanley boosted its stake in Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after purchasing an additional 524,794 shares during the period. Finally, FMR LLC boosted its stake in Targa Resources by 3.2% in the 3rd quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock valued at $208,413,000 after purchasing an additional 74,310 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the transaction, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Robert Muraro sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the transaction, the insider now directly owns 196,951 shares in the company, valued at approximately $23,649,876.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,691 shares of company stock worth $4,894,563. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 1.5 %

TRGP stock opened at $123.44 on Thursday. The company has a market cap of $27.37 billion, a P/E ratio of 25.40, a price-to-earnings-growth ratio of 0.73 and a beta of 2.21. Targa Resources Corp. has a fifty-two week low of $69.86 and a fifty-two week high of $123.79. The stock’s 50 day simple moving average is $116.05 and its 200 day simple moving average is $101.96. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. On average, research analysts expect that Targa Resources Corp. will post 5.27 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were issued a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date of this dividend was Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is presently 61.73%.

Analyst Ratings Changes

TRGP has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Royal Bank of Canada boosted their price objective on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. Mizuho upped their price target on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Scotiabank upped their price target on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. Finally, Stifel Nicolaus upped their target price on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus price target of $128.58.

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.