Segment Wealth Management LLC Grows Position in Targa Resources Corp. (NYSE:TRGP)

Segment Wealth Management LLC raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 2,753.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 55,328 shares of the pipeline company’s stock after purchasing an additional 53,389 shares during the period. Segment Wealth Management LLC’s holdings in Targa Resources were worth $9,876,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of TRGP. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the second quarter valued at approximately $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources during the third quarter worth $29,000. Prospera Private Wealth LLC bought a new stake in Targa Resources during the 3rd quarter valued at $35,000. Rosenberg Matthew Hamilton increased its holdings in shares of Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares during the period. Finally, UMB Bank n.a. raised its position in shares of Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after acquiring an additional 106 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $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. Company insiders own 1.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on TRGP. Stifel Nicolaus raised their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Barclays raised their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Finally, Truist Financial cut their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Performance

Shares of TRGP opened at $216.00 on Tuesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50-day moving average of $191.56 and a two-hundred day moving average of $163.93. The stock has a market cap of $47.10 billion, a P/E ratio of 39.06, a P/E/G ratio of 0.64 and a beta of 2.30. Targa Resources Corp. has a one year low of $81.03 and a one year high of $217.02.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping 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 during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. As a group, research analysts predict that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

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.