1,456 Shares in Targa Resources Corp. (NYSE:TRGP) Acquired by Canopy Partners LLC

Canopy Partners LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,456 shares of the pipeline company’s stock, valued at approximately $216,000.

A number of other large investors have also modified their holdings of the business. Kingsview Wealth Management LLC lifted its stake in shares of Targa Resources by 764.1% in the third quarter. Kingsview Wealth Management LLC now owns 24,661 shares of the pipeline company’s stock worth $3,650,000 after buying an additional 21,807 shares in the last quarter. Cerity Partners LLC raised its holdings in Targa Resources by 47.5% in the 3rd quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock valued at $4,277,000 after acquiring an additional 9,307 shares during the last quarter. Nwam LLC purchased a new position in Targa Resources in the 3rd quarter worth approximately $310,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Targa Resources in the third quarter valued at approximately $7,006,000. Finally, Strategy Asset Managers LLC acquired a new stake in shares of Targa Resources in the third quarter valued at approximately $912,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.2 %

Shares of NYSE TRGP opened at $207.34 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market capitalization of $45.21 billion, a PE ratio of 37.49, a PEG ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The stock has a fifty day simple moving average of $169.37 and a 200-day simple moving average of $143.93.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during 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 period in the previous year, the company posted $0.97 EPS. On average, equities analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued 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 yield of 1.45%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Buying and Selling at Targa Resources

In other 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 completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock valued at $30,026,712 in the last 90 days. Company insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Truist Financial boosted their price objective on Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Royal Bank of Canada increased their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company lifted their price target 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. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus target price of $176.50.

Targa Resources 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.