RBA Wealth Management LLC Cuts Holdings in Targa Resources Corp. (NYSE:TRGP)

RBA Wealth Management LLC cut its stake in Targa Resources Corp. (NYSE:TRGP) by 8.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,624 shares of the pipeline company’s stock after selling 2,273 shares during the quarter. RBA Wealth Management LLC’s holdings in Targa Resources were worth $4,217,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. DT Investment Partners LLC acquired a new stake in Targa Resources during the 3rd quarter valued at $29,000. Prospera Private Wealth LLC bought a new stake in Targa Resources during the third quarter valued at about $35,000. Rosenberg Matthew Hamilton lifted its stake in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after buying an additional 89 shares during the period. UMB Bank n.a. raised its position in Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after purchasing an additional 106 shares in the last quarter. Finally, Huntington National Bank raised its position in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 89 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on TRGP. Morgan Stanley lifted their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Royal Bank of Canada lifted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Scotiabank started coverage on shares of Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. Finally, Truist Financial reduced their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $189.21.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the business’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 completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.44% of the stock is owned by company insiders.

Targa Resources Stock Performance

TRGP stock opened at $201.78 on Tuesday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business has a 50-day moving average price of $193.19 and a 200 day moving average price of $169.12. The company has a market capitalization of $44.00 billion, a P/E ratio of 36.49, a PEG ratio of 0.59 and a beta of 2.29. Targa Resources Corp. has a 1-year low of $84.43 and a 1-year high of $218.51.

Targa Resources (NYSE:TRGP) last issued 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 for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the firm earned $0.97 earnings per share. As a group, equities research analysts forecast that Targa Resources Corp. will post 6.41 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend 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.