1,300 Shares in Targa Resources Corp. (NYSE:TRGP) Purchased by Asset Dedication LLC

Asset Dedication LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 1,300 shares of the pipeline company’s stock, valued at approximately $192,000.

Other institutional investors also recently bought and sold shares of the company. American International Group Inc. increased its stake in shares of Targa Resources by 0.4% in the fourth 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 period. B. Riley Wealth Advisors Inc. raised its stake in shares of Targa Resources by 4.4% during 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. lifted its holdings in shares of Targa Resources by 13.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock valued at $1,512,000 after buying an additional 2,090 shares during the period. Nomura Holdings Inc. acquired a new position in shares of Targa Resources in the 4th quarter valued at about $621,000. Finally, Massmutual Trust Co. FSB ADV grew its holdings in Targa Resources by 17.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 93 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Scotiabank boosted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Bank of America began coverage on shares of Targa Resources in a research report on Thursday. They set a “buy” rating and a $182.00 price target on the stock. Barclays upped their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Truist Financial raised their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Buy” and a consensus price target of $148.36.

Insiders Place Their Bets

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 transaction, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock valued at $26,815,021 in the last ninety days. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

NYSE TRGP opened at $161.92 on Friday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The stock’s 50 day simple moving average is $149.88 and its 200-day simple moving average is $131.80. The company has a market cap of $35.47 billion, a PE ratio of 34.09, a price-to-earnings-growth ratio of 1.32 and a beta of 2.25. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $167.79.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter in the previous year, the company posted $1.44 EPS. As a group, equities research analysts anticipate that Targa Resources Corp. will post 5.9 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.85%. Targa Resources’s dividend payout ratio is presently 63.16%.

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.