Hancock Whitney Corp Acquires 242 Shares of Targa Resources Corp. (NYSE:TRGP)

Hancock Whitney Corp lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 2.0% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,588 shares of the pipeline company’s stock after acquiring an additional 242 shares during the quarter. Hancock Whitney Corp’s holdings in Targa Resources were worth $1,863,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. DT Investment Partners LLC acquired a new stake in Targa Resources during the 3rd quarter valued at $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the second quarter valued at about $29,000. UMB Bank n.a. lifted its stake in shares of Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources during the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. acquired a new position in Targa Resources in the 2nd quarter valued at about $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRGP has been the subject of several research reports. Wells Fargo & Company raised their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Bank of America started coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. UBS Group boosted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Truist Financial raised their price target on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $176.50.

Insider Activity

In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,760 shares of company stock worth $30,026,712. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $201.10 on Tuesday. The company has a 50 day moving average of $170.38 and a 200-day moving average of $144.99. The company has a market cap of $43.85 billion, a PE ratio of 36.37, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter last year, the business posted $0.97 EPS. As a group, equities research analysts forecast that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

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.