Private Trust Co. NA Increases Position in Targa Resources Corp. (NYSE:TRGP)

Private Trust Co. NA increased its position in Targa Resources Corp. (NYSE:TRGP) by 437.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,344 shares of the pipeline company’s stock after acquiring an additional 1,094 shares during the period. Private Trust Co. NA’s holdings in Targa Resources were worth $199,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources in the 2nd quarter valued at $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources in the third quarter valued at $29,000. UMB Bank n.a. grew its position in 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 purchasing an additional 222 shares during the period. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources during the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. acquired a new position in shares of Targa Resources in the 2nd quarter valued at about $44,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $201.39 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The firm has a market capitalization of $43.92 billion, a PE ratio of 36.42, a P/E/G ratio of 0.80 and a beta of 2.24. The business’s 50 day moving average price is $173.37 and its 200-day moving average price is $146.40.

Targa Resources (NYSE:TRGP) last released 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. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the firm earned $0.97 earnings per share. As a group, equities research analysts expect that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. Stifel Nicolaus raised their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Bank of America began coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. UBS Group raised their price target 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. Morgan Stanley upped their price objective 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. Finally, Wells Fargo & Company raised their target price on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $176.50.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock worth $30,026,712 in the last ninety days. Insiders own 1.44% of the company’s stock.

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.