Stratos Wealth Advisors LLC Buys Shares of 1,601 Targa Resources Corp. (NYSE:TRGP)

Stratos Wealth Advisors LLC bought a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 1,601 shares of the pipeline company’s stock, valued at approximately $237,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. Vanguard Group Inc. increased its position in shares of Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after acquiring an additional 201,817 shares in the last quarter. Blackstone Inc. increased its position in shares of Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after acquiring an additional 252,729 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Targa Resources by 26.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after acquiring an additional 360,675 shares in the last quarter. Finally, Truist Financial Corp increased its position in shares of Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after acquiring an additional 46,864 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 2.1 %

Shares of Targa Resources stock opened at $165.12 on Wednesday. The company’s fifty day simple moving average is $151.48 and its 200-day simple moving average is $133.08. The stock has a market capitalization of $36.17 billion, a PE ratio of 34.76, a P/E/G ratio of 1.27 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. 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 released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the company earned $1.44 EPS. As a group, equities analysts anticipate that Targa Resources Corp. will post 6 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced 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. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 63.16%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TRGP shares. Truist Financial raised their price target on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Barclays raised their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Royal Bank of Canada raised their target price on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised their target price 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. Finally, Bank of America began coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $148.36.

Insider Activity at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources 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 sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. 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 link. Also, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the completion of the sale, the chief accounting officer now owns 38,403 shares in the company, valued at approximately $5,165,203.50. This represents 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 worth $26,815,021. 1.39% of the stock is owned by corporate insiders.

Targa Resources Company 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.