Waldron Private Wealth LLC Purchases 18,028 Shares of Targa Resources Corp. (NYSE:TRGP)

by · The Markets Daily

Waldron Private Wealth LLC lifted its holdings in Targa Resources Corp. (NYSE:TRGP – Free Report) by 103.3% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 35,484 shares of the pipeline company’s stock after buying an additional 18,028 shares during the period. Waldron Private Wealth LLC’s holdings in Targa Resources were worth $5,252,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Targa Resources by 0.8% in the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after acquiring an additional 201,817 shares during the last quarter. Caxton Associates LP bought a new position in Targa Resources during the second quarter valued at $2,323,000. New Mexico Educational Retirement Board increased its position in Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after buying an additional 33,900 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock valued at $32,486,000 after buying an additional 178,655 shares during the period. Finally, Sciencast Management LP bought a new stake in Targa Resources in the 1st quarter valued at about $1,910,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Up 2.2 %

Shares of TRGP stock traded up $3.57 during mid-day trading on Tuesday, reaching $165.28. The stock had a trading volume of 500,654 shares, compared to its average volume of 1,639,486. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The stock’s 50-day moving average price is $150.91 and its two-hundred day moving average price is $132.74. The firm has a market capitalization of $36.21 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 1.27 and a beta of 2.25. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $167.79.

Targa Resources (NYSE:TRGP – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the company posted $1.44 EPS. Equities analysts expect that Targa Resources Corp. will post 6 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.82%. Targa Resources’s payout ratio is 63.16%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TRGP shares. Truist Financial increased their target price on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their target price on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada increased their price objective on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Barclays upped their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $148.36.

Check Out Our Latest Stock Analysis on TRGP

Insider Activity at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Paul W. Chung sold 916 shares of the stock in a transaction dated 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 directly owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 over the last ninety days. 1.39% of the stock is owned by corporate insiders.

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.

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