Prospera Private Wealth LLC Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

Prospera Private Wealth LLC bought a new stake in Targa Resources Corp. (NYSE:TRGP) during the 3rd quarter, HoldingsChannel reports. The fund bought 236 shares of the pipeline company’s stock, valued at approximately $35,000.

A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. Blackstone Inc. boosted its holdings in Targa Resources by 2.7% in the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after purchasing an additional 252,729 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Targa Resources by 13.4% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after buying an additional 271,444 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 26.2% in 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 buying an additional 360,675 shares in the last quarter. Truist Financial Corp grew its holdings in Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after acquiring an additional 46,864 shares during the period. Finally, Principal Financial Group Inc. raised its position in Targa Resources by 2.9% in the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock worth $120,540,000 after acquiring an additional 22,621 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred 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 directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $6,703,175.82. This represents a 8.49 % 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 over the last quarter. Company insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 0.2 %

Shares of TRGP stock opened at $207.34 on Friday. The company has a market capitalization of $45.21 billion, a price-to-earnings ratio of 37.49, a PEG ratio of 0.81 and a beta of 2.24. 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 firm has a 50-day moving average price of $168.18 and a 200 day moving average price of $143.27. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87.

Targa Resources (NYSE:TRGP) last posted 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. 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 analyst estimates of $4.24 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. Research analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.45%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Analyst Upgrades and Downgrades

Several brokerages have commented on TRGP. Wells Fargo & Company boosted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Truist Financial upped their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. The Goldman Sachs Group lifted their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. UBS Group upped their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Royal Bank of Canada lifted their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. 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, the company presently has an average rating of “Buy” and a consensus price target of $176.50.

About Targa Resources

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.