Prime Capital Investment Advisors LLC Acquires 84 Shares of Targa Resources Corp. (NYSE:TRGP)

Prime Capital Investment Advisors LLC boosted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 4.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 2,172 shares of the pipeline company’s stock after purchasing an additional 84 shares during the period. Prime Capital Investment Advisors LLC’s holdings in Targa Resources were worth $321,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRGP. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter valued at approximately $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources in the third quarter valued at $29,000. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new position in shares of Targa Resources during the 2nd quarter worth about $44,000. Finally, EdgeRock Capital LLC bought a new position in Targa Resources during the 2nd quarter valued at about $69,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TRGP. The Goldman Sachs Group raised their price objective 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. Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial lifted their target price on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday. Royal Bank of Canada upped their price target on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Morgan Stanley lifted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average price target of $169.79.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 over the last 90 days. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Up 2.3 %

Targa Resources stock opened at $196.04 on Friday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $197.14. The business has a fifty day moving average of $163.51 and a two-hundred day moving average of $140.77. The firm has a market cap of $42.75 billion, a P/E ratio of 35.45, a P/E/G ratio of 0.77 and a beta of 2.24. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter last year, the company earned $0.97 earnings per share. On average, analysts forecast that Targa Resources Corp. will post 6.19 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

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.