Novare Capital Management LLC Has $393,000 Stake in Targa Resources Corp. (NYSE:TRGP)

Novare Capital Management LLC cut its stake in Targa Resources Corp. (NYSE:TRGP) by 2.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,200 shares of the pipeline company’s stock after selling 50 shares during the period. Novare Capital Management LLC’s holdings in Targa Resources were worth $393,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in TRGP. Thrivent Financial for Lutherans grew its holdings in shares of Targa Resources by 2.7% during the second quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock worth $1,202,000 after buying an additional 245 shares in the last quarter. Evergreen Capital Management LLC acquired a new position in Targa Resources during the 2nd quarter worth approximately $243,000. AXA S.A. grew its stake in shares of Targa Resources by 3.9% during the 2nd quarter. AXA S.A. now owns 11,188 shares of the pipeline company’s stock worth $1,441,000 after acquiring an additional 416 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Targa Resources by 63.4% in the second quarter. AQR Capital Management LLC now owns 272,749 shares of the pipeline company’s stock valued at $35,100,000 after purchasing an additional 105,842 shares during the last quarter. Finally, APG Asset Management N.V. bought a new stake in shares of Targa Resources in the second quarter worth $1,511,000. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TRGP. Wells Fargo & Company raised their target price on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a research report on Wednesday, December 18th. Truist Financial decreased their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Scotiabank initiated coverage on Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target for the company. Finally, Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $189.21.

Targa Resources Trading Down 1.1 %

TRGP stock opened at $209.10 on Friday. Targa Resources Corp. has a 52 week low of $84.00 and a 52 week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company’s 50-day simple moving average is $193.46 and its 200 day simple moving average is $166.28. 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.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter in the prior year, the business posted $0.97 EPS. As a group, sell-side analysts anticipate that Targa Resources Corp. will post 6.42 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.75 dividend. The ex-dividend date of this dividend is Friday, January 31st. This represents a $3.00 annualized dividend and a yield of 1.43%. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction 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 sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company’s stock.

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.