HighTower Advisors LLC Acquires 1,008 Shares of Targa Resources Corp. (NYSE:TRGP)

HighTower Advisors LLC boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 373,760 shares of the pipeline company’s stock after purchasing an additional 1,008 shares during the period. HighTower Advisors LLC’s holdings in Targa Resources were worth $55,322,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its stake in shares of Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Targa Resources by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after acquiring an additional 14,287 shares during the last quarter. Truist Financial Corp raised its stake in shares of Targa Resources by 5.9% during the second quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock valued at $108,010,000 after acquiring an additional 46,864 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Targa Resources by 2.9% during the third quarter. Principal Financial Group Inc. now owns 814,296 shares of the pipeline company’s stock valued at $120,540,000 after acquiring an additional 22,621 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after acquiring an additional 557,832 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Down 0.9 %

TRGP opened at $195.45 on Thursday. 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. The company has a market capitalization of $42.62 billion, a PE ratio of 35.34, a PEG ratio of 0.77 and a beta of 2.28. The firm’s 50 day simple moving average is $176.79 and its two-hundred day simple moving average is $148.92.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the firm earned $0.97 earnings per share. As a group, equities analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.53%. Targa Resources’s payout ratio is presently 54.25%.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock valued at $29,661,212 over the last three months. Corporate insiders own 1.44% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on TRGP. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Barclays boosted their price target 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. Bank of America initiated coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Stifel Nicolaus boosted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $176.50.

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.