Argus Investors Counsel Inc. Takes $799,000 Position in Targa Resources Corp. (NYSE:TRGP)

by · The Cerbat Gem

Argus Investors Counsel Inc. acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP – Free Report) in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 5,398 shares of the pipeline company’s stock, valued at approximately $799,000.

Other institutional investors also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new stake in Targa Resources during the second quarter valued at about $29,000. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new position in Targa Resources in the second quarter worth $44,000. Register Financial Advisors LLC purchased a new position in Targa Resources in the first quarter worth $45,000. Finally, Rogco LP acquired a new position in shares of Targa Resources during the first quarter worth $56,000. Institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the sale, the director now owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 in the company, valued at $17,181,399.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock valued at $26,815,021 in the last 90 days. 1.39% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on TRGP shares. Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Truist Financial increased their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Bank of America started coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Royal Bank of Canada increased their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $148.36.

Check Out Our Latest Stock Report on Targa Resources

Targa Resources Stock Performance

TRGP traded up $2.61 during trading on Tuesday, reaching $164.32. 185,038 shares of the company’s stock were exchanged, compared to its average volume of 1,637,938. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $167.79. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The stock has a market capitalization of $36.00 billion, a P/E ratio of 34.04, a price-to-earnings-growth ratio of 1.27 and a beta of 2.25. The company’s fifty day simple moving average is $150.91 and its 200-day simple moving average is $132.74.

Targa Resources (NYSE:TRGP – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter last year, the company earned $1.44 EPS. As a group, research analysts predict that Targa Resources Corp. will post 6 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.83%. Targa Resources’s payout ratio is 63.16%.

Targa Resources Company Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp. (NYSE:TRGP – Free Report).