OneAscent Wealth Management LLC Has $300,000 Holdings in Targa Resources Corp. (NYSE:TRGP)

OneAscent Wealth Management LLC lessened its position in shares of Targa Resources Corp. (NYSE:TRGP) by 20.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 2,680 shares of the pipeline company’s stock after selling 689 shares during the quarter. OneAscent Wealth Management LLC’s holdings in Targa Resources were worth $300,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Blackstone Inc. grew its position in shares of Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after buying an additional 3,554,989 shares during the period. Wellington Management Group LLP grew its position 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 buying an additional 401,144 shares during the period. Deutsche Bank AG grew its position 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 buying an additional 3,720,270 shares during the period. Morgan Stanley grew its position in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after buying an additional 524,794 shares during the period. Finally, Norges Bank acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $187,123,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $128.78 on Friday. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The stock’s fifty day simple moving average is $118.04 and its two-hundred day simple moving average is $103.99. Targa Resources Corp. has a 1-year low of $74.20 and a 1-year high of $130.53. The stock has a market cap of $28.55 billion, a PE ratio of 26.50, a price-to-earnings-growth ratio of 0.76 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last released its 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). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. As a group, analysts forecast that Targa Resources Corp. will post 5.27 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.33%. 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. Targa Resources’s payout ratio is presently 61.73%.

Analyst Ratings Changes

Several analysts have recently commented on TRGP shares. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, June 7th. Barclays increased their target price on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a report on Tuesday, June 11th. Stifel Nicolaus increased their target price on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. Finally, Wells Fargo & Company increased their target price on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $129.46.

Insider Transactions at Targa Resources

In other news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Monday, June 10th. The stock was sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the sale, the insider now directly owns 196,951 shares in the company, valued at approximately $23,649,876.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $120.08, for a total value of $1,200,800.00. Following the completion of the sale, the insider now owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the completion of the sale, the insider now directly owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Insiders have sold 42,791 shares of company stock worth $4,907,563 in the last ninety days. Company insiders own 1.39% of the company’s stock.

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.