Park Avenue Securities LLC Buys New Holdings in Targa Resources Corp. (NYSE:TRGP)

Park Avenue Securities LLC bought a new stake in Targa Resources Corp. (NYSE:TRGP) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,638 shares of the pipeline company’s stock, valued at approximately $242,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. increased its position in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources during the second quarter worth about $44,000. Register Financial Advisors LLC purchased a new position in Targa Resources in the first quarter valued at approximately $45,000. Finally, Quarry LP acquired a new position in shares of Targa Resources during the 4th quarter valued at $50,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the transaction, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Price Performance

NYSE TRGP opened at $166.66 on Tuesday. The firm has a market cap of $36.51 billion, a P/E ratio of 35.09, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. The stock’s 50-day moving average is $148.18 and its two-hundred day moving average is $131.02. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $167.79. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the company posted $1.44 earnings per share. On average, analysts anticipate that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.80%. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TRGP. Truist Financial increased their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Scotiabank raised their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Royal Bank of Canada upped their target price on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Finally, Barclays boosted their price objective on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, July 3rd. Twelve investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $141.77.

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.