Register Financial Advisors LLC Takes Position in Targa Resources Corp. (NYSE:TRGP)

Register Financial Advisors LLC bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 400 shares of the pipeline company’s stock, valued at approximately $45,000.

Several other institutional investors have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its stake in shares of Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after acquiring an additional 962,073 shares in the last quarter. Morgan Stanley boosted its holdings in Targa Resources by 16.1% during the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after purchasing an additional 524,794 shares during the last quarter. Ieq Capital LLC grew its position in Targa Resources by 8.5% in the 4th quarter. Ieq Capital LLC now owns 6,169 shares of the pipeline company’s stock worth $536,000 after purchasing an additional 482 shares in the last quarter. Quadrature Capital Ltd increased its stake in Targa Resources by 364.0% in the 3rd quarter. Quadrature Capital Ltd now owns 88,834 shares of the pipeline company’s stock valued at $7,615,000 after buying an additional 69,690 shares during the last quarter. Finally, Natixis Advisors L.P. bought a new position in shares of Targa Resources during the 4th quarter worth approximately $1,117,000. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $112.54, for a total transaction of $787,780.00. Following the sale, the director now directly owns 95,471 shares in the company, valued at $10,744,306.34. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Targa Resources news, Director Charles R. Crisp sold 7,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total value of $787,780.00. Following the completion of the transaction, the director now directly owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares in the company, valued at approximately $6,466,764. The disclosure for this sale can be found here. Insiders sold a total of 42,791 shares of company stock worth $4,907,563 in the last quarter. 1.39% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on TRGP. Mizuho upped their target price on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. JPMorgan Chase & Co. upped their price objective on Targa Resources from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, June 7th. Wells Fargo & Company lifted their target price on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Truist Financial increased their price target on shares of Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Monday, June 10th. Finally, Royal Bank of Canada raised their price objective on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.46.

Targa Resources Stock Performance

NYSE TRGP opened at $128.78 on Friday. The firm has a market cap of $28.55 billion, a P/E ratio of 26.50, a price-to-earnings-growth ratio of 0.76 and a beta of 2.21. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. The company’s 50 day moving average is $118.04 and its 200-day moving average is $103.85. Targa Resources Corp. has a 12-month low of $74.20 and a 12-month high of $130.53.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were issued a dividend of $0.75 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.33%. Targa Resources’s dividend payout ratio is 61.73%.

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.