Sequoia Financial Advisors LLC Has $679,000 Position in Targa Resources Corp. (NYSE:TRGP)

Sequoia Financial Advisors LLC grew its holdings in Targa Resources Corp. (NYSE:TRGP) by 21.6% during the third quarter, Holdings Channel reports. The firm owned 4,590 shares of the pipeline company’s stock after acquiring an additional 815 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Targa Resources were worth $679,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Register Financial Advisors LLC bought a new position in shares of Targa Resources during the 1st quarter worth approximately $45,000. New Mexico Educational Retirement Board lifted its position in shares of Targa Resources by 287.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after acquiring an additional 33,900 shares during the period. RBA Wealth Management LLC lifted its position in shares of Targa Resources by 2.8% during the 1st quarter. RBA Wealth Management LLC now owns 26,302 shares of the pipeline company’s stock valued at $2,946,000 after acquiring an additional 721 shares during the period. Mezzasalma Advisors LLC boosted its stake in Targa Resources by 338.6% during the first quarter. Mezzasalma Advisors LLC now owns 11,395 shares of the pipeline company’s stock worth $1,276,000 after acquiring an additional 8,797 shares in the last quarter. Finally, Maryland State Retirement & Pension System grew its holdings in Targa Resources by 1.5% in the first quarter. Maryland State Retirement & Pension System now owns 207,578 shares of the pipeline company’s stock worth $23,247,000 after purchasing an additional 3,015 shares during the period. Institutional investors own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business’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 transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on 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 in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,534 shares of company stock worth $26,815,021. 1.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

TRGP has been the topic of several research reports. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Royal Bank of Canada increased their price target on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial increased 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. Finally, Bank of America began coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $152.79.

Targa Resources Trading Down 1.5 %

NYSE:TRGP opened at $165.96 on Friday. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $169.92. The firm has a 50-day moving average price of $152.97 and a two-hundred day moving average price of $133.90. The firm has a market cap of $36.36 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 1.28 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for 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 last year, the company posted $1.44 earnings per share. On average, equities analysts expect that Targa Resources Corp. will post 5.92 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given 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 1.81%. Targa Resources’s payout ratio is currently 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.