Wealth Enhancement Advisory Services LLC Increases Stake in Targa Resources Corp. (NYSE:TRGP)

Wealth Enhancement Advisory Services LLC raised its stake in Targa Resources Corp. (NYSE:TRGP) by 11.0% in the third quarter, HoldingsChannel reports. The fund owned 13,371 shares of the pipeline company’s stock after purchasing an additional 1,321 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Targa Resources were worth $1,979,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of TRGP. Vanguard Group Inc. increased its holdings in shares of Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Caxton Associates LP acquired a new stake in Targa Resources during the second quarter valued at $2,323,000. BNP Paribas Financial Markets increased its holdings in Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock valued at $32,486,000 after buying an additional 178,655 shares in the last quarter. Sciencast Management LP acquired a new position in shares of Targa Resources in the first quarter worth about $1,910,000. Finally, Cetera Investment Advisers boosted its stake in shares of Targa Resources by 215.2% during the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after acquiring an additional 21,200 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $165.27 on Friday. The firm has a 50-day simple moving average of $155.23 and a 200-day simple moving average of $135.82. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The stock has a market capitalization of $36.21 billion, a price-to-earnings ratio of 34.79, a price-to-earnings-growth ratio of 1.29 and a beta of 2.24. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $169.92.

Targa Resources (NYSE:TRGP) last released 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 net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 EPS. On average, equities analysts predict that Targa Resources Corp. will post 5.96 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. Stockholders of record on Thursday, October 31st will be given 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 1.82%. Targa Resources’s dividend payout ratio (DPR) is presently 63.16%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Truist Financial lifted their price target on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Barclays upped their target price on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Bank of America initiated coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Finally, Scotiabank upped their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Thirteen equities research 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 company currently has a consensus rating of “Buy” and a consensus target price of $152.79.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is currently owned by 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.