602 Shares in Targa Resources Corp. (NYSE:TRGP) Acquired by Ashton Thomas Private Wealth LLC

Ashton Thomas Private Wealth LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 602 shares of the pipeline company’s stock, valued at approximately $78,000.

Several other hedge funds have also bought and sold shares of TRGP. Blackstone Inc. raised its holdings in Targa Resources by 60.4% in the fourth quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after purchasing an additional 3,554,989 shares in the last quarter. Norges Bank purchased a new stake in shares of Targa Resources during the fourth quarter worth about $187,123,000. Price T Rowe Associates Inc. MD grew its stake in shares of Targa Resources by 231.3% during the fourth 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 during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Targa Resources by 71.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after acquiring an additional 428,276 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of Targa Resources by 876.1% during the first quarter. Los Angeles Capital Management LLC now owns 428,107 shares of the pipeline company’s stock worth $47,944,000 after acquiring an additional 384,248 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Robert Muraro sold 9,900 shares of the stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul W. Chung sold 5,264 shares of the stock in a transaction on Monday, August 12th. The shares were sold at an average price of $138.03, for a total value of $726,589.92. Following the completion of the sale, the director now owns 232,827 shares of the company’s stock, valued at approximately $32,137,110.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,534 shares of company stock valued at $4,788,590. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Barclays upped their target price on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, July 3rd. Scotiabank upped their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. JPMorgan Chase & Co. upped their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Finally, Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $140.54.

Targa Resources Stock Performance

NYSE TRGP opened at $148.19 on Friday. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $152.42. The stock has a market cap of $32.47 billion, a price-to-earnings ratio of 30.49, a price-to-earnings-growth ratio of 1.16 and a beta of 2.26. The business has a fifty day moving average of $139.13 and a 200-day moving average of $123.61. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same period in the prior year, the firm posted $1.44 earnings per share. As a group, analysts predict that Targa Resources Corp. will post 5.89 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

About Targa Resources

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.