Sanders Morris Harris LLC Makes New $470,000 Investment in Targa Resources Corp. (NYSE:TRGP)

Sanders Morris Harris LLC bought a new stake in Targa Resources Corp. (NYSE:TRGP) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,200 shares of the pipeline company’s stock, valued at approximately $470,000.

Several other large investors have also modified their holdings of the stock. Addison Advisors LLC acquired a new stake in shares of Targa Resources in the 4th quarter valued at approximately $27,000. VisionPoint Advisory Group LLC lifted its holdings in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares during the period. EdgeRock Capital LLC purchased a new stake in shares of Targa Resources during the 4th quarter worth $42,000. Delos Wealth Advisors LLC acquired a new position in shares of Targa Resources during the 4th quarter worth $43,000. Finally, Quarry LP purchased a new position in shares of Targa Resources in the 4th quarter valued at about $50,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 1.0 %

NYSE TRGP traded down $1.22 during trading hours on Friday, hitting $125.10. 3,372,550 shares of the company’s stock were exchanged, compared to its average volume of 1,267,191. The business’s 50 day moving average is $116.48 and its 200-day moving average is $102.48. 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 Corp. has a 12-month low of $69.86 and a 12-month high of $129.68. The firm has a market capitalization of $27.74 billion, a P/E ratio of 25.74, a price-to-earnings-growth ratio of 0.74 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data 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 company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. As a group, analysts anticipate that Targa Resources Corp. will post 5.27 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Insider Activity

In related news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction on 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 directly owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Charles R. Crisp sold 7,000 shares of Targa Resources stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the transaction, the director now directly owns 95,471 shares in the company, valued at $10,744,306.34. The disclosure for this sale can be found here. Insiders sold 42,691 shares of company stock valued at $4,894,563 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on TRGP shares. Scotiabank upped their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research report on Monday, April 15th. Morgan Stanley lifted their price objective on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, June 10th. Stifel Nicolaus upped their target price on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Truist Financial raised their price target on Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, Wells Fargo & Company increased their price objective on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. One investment 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 an average 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.