Ritholtz Wealth Management Has $744,000 Stake in Targa Resources Corp. (NYSE:TRGP)

Ritholtz Wealth Management grew its stake in Targa Resources Corp. (NYSE:TRGP) by 9.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,024 shares of the pipeline company’s stock after purchasing an additional 440 shares during the period. Ritholtz Wealth Management’s holdings in Targa Resources were worth $744,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American International Group Inc. grew its position in Targa Resources by 0.4% during the 4th quarter. American International Group Inc. now owns 63,044 shares of the pipeline company’s stock worth $5,477,000 after acquiring an additional 241 shares during the last quarter. SageView Advisory Group LLC acquired a new position in shares of Targa Resources in the fourth quarter valued at approximately $471,000. B. Riley Wealth Advisors Inc. raised its holdings in Targa Resources by 4.4% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 13,652 shares of the pipeline company’s stock valued at $1,186,000 after buying an additional 573 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Targa Resources by 13.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock worth $1,512,000 after buying an additional 2,090 shares during the period. Finally, Nomura Holdings Inc. acquired a new position in Targa Resources in the 4th quarter valued at approximately $621,000. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction dated Friday, August 9th. The stock was 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the firm’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,534 shares of company stock valued at $26,815,021. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $161.89 on Wednesday. Targa Resources Corp. has a one year low of $81.03 and a one year high of $167.79. The company has a market cap of $35.89 billion, a PE ratio of 33.31, a P/E/G ratio of 1.28 and a beta of 2.25. The stock has a 50-day moving average of $148.79 and a 200-day moving average of $131.38. 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 announced its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $4.33 billion. During the same quarter last year, the firm posted $1.44 earnings per share. On average, equities research analysts predict that Targa Resources Corp. will post 5.9 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.85%. Targa Resources’s payout ratio is 61.73%.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Truist Financial lifted their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a report on Monday, August 5th. 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. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group lifted their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $144.31.

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.