Prospera Financial Services Inc Purchases 5,067 Shares of Targa Resources Corp. (NYSE:TRGP)

Prospera Financial Services Inc lifted its position in Targa Resources Corp. (NYSE:TRGP) by 73.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,984 shares of the pipeline company’s stock after acquiring an additional 5,067 shares during the quarter. Prospera Financial Services Inc’s holdings in Targa Resources were worth $1,774,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on TRGP shares. UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Wells Fargo & Company increased their target price on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, Morgan Stanley raised their price objective on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Thirteen investment 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 a consensus rating of “Buy” and an average price target of $176.50.

Insider Activity

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 in the last quarter. 1.39% of the stock is currently owned by company insiders.

Targa Resources Trading Up 2.4 %

Shares of NYSE:TRGP opened at $207.69 on Friday. The business has a 50-day moving average price of $166.96 and a 200-day moving average price of $142.82. The stock has a market cap of $45.29 billion, a price-to-earnings ratio of 37.56, a PEG ratio of 0.81 and a beta of 2.24. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $208.15. 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 announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the business posted $0.97 EPS. Equities analysts predict that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders 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 dividend on an annualized basis and a dividend yield of 1.44%. Targa Resources’s payout ratio is currently 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.