RBA Wealth Management LLC Decreases Holdings in Targa Resources Corp. (NYSE:TRGP)

RBA Wealth Management LLC lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 8.8% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 23,624 shares of the pipeline company’s stock after selling 2,273 shares during the period. RBA Wealth Management LLC’s holdings in Targa Resources were worth $4,217,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. abrdn plc increased its holdings in shares of Targa Resources by 0.5% during the 4th quarter. abrdn plc now owns 555,416 shares of the pipeline company’s stock worth $98,695,000 after buying an additional 2,512 shares during the last quarter. Trust Point Inc. acquired a new stake in shares of Targa Resources during the fourth quarter valued at about $201,000. Catalina Capital Group LLC grew its stake in Targa Resources by 3.9% in the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock worth $400,000 after purchasing an additional 85 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its stake in Targa Resources by 292.9% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 105,078 shares of the pipeline company’s stock valued at $18,756,000 after acquiring an additional 78,335 shares during the period. Finally, Greenleaf Trust boosted its stake in Targa Resources by 2.2% in the fourth quarter. Greenleaf Trust now owns 6,306 shares of the pipeline company’s stock valued at $1,126,000 after acquiring an additional 137 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the firm’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 transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction on 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 transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % 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.

Targa Resources Stock Up 2.5 %

NYSE TRGP opened at $201.78 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a fifty day moving average of $193.19 and a two-hundred day moving average of $169.12. The firm has a market capitalization of $44.00 billion, a price-to-earnings ratio of 36.49, a PEG ratio of 0.59 and a beta of 2.29. Targa Resources Corp. has a 52 week low of $84.43 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate 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 period in the prior year, the company earned $0.97 EPS. On average, analysts predict that Targa Resources Corp. will post 6.41 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared 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. The ex-dividend date is Friday, January 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 54.25%.

Analysts Set New Price Targets

TRGP has been the topic of several recent analyst reports. Royal Bank of Canada boosted their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays lifted 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. Morgan Stanley upped their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, 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. One research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $189.21.

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.