PCG Wealth Advisors LLC Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

PCG Wealth Advisors LLC purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,210 shares of the pipeline company’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. DT Investment Partners LLC purchased a new position in Targa Resources in the 3rd quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources during the 2nd quarter valued at $29,000. Prospera Private Wealth LLC bought a new position in Targa Resources in the 3rd quarter valued at $35,000. Rosenberg Matthew Hamilton grew its position in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares during the last quarter. Finally, UMB Bank n.a. grew its position in Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after acquiring an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 1.1 %

Shares of TRGP opened at $209.10 on Friday. The company has a market capitalization of $45.60 billion, a PE ratio of 37.81, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30. 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 Corp. has a 52-week low of $84.00 and a 52-week high of $218.51. The stock has a fifty day simple moving average of $193.20 and a two-hundred day simple moving average of $165.75.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations 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 prior year, the business posted $0.97 EPS. As a group, equities analysts forecast that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insider Activity at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the firm’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 sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred on 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 transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on TRGP shares. Scotiabank started coverage on Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Barclays raised their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Finally, Wells Fargo & Company upped their price objective on Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $189.21.

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.