Wedmont Private Capital Increases Holdings in Targa Resources Corp. (NYSE:TRGP)

Wedmont Private Capital lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 5.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,375 shares of the pipeline company’s stock after acquiring an additional 293 shares during the quarter. Wedmont Private Capital’s holdings in Targa Resources were worth $850,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. CWM LLC boosted its stake in shares of Targa Resources by 7.2% during the 3rd quarter. CWM LLC now owns 5,358 shares of the pipeline company’s stock worth $793,000 after acquiring an additional 359 shares in the last quarter. SL Advisors LLC boosted its stake in shares of Targa Resources by 4.0% during the 3rd quarter. SL Advisors LLC now owns 23,786 shares of the pipeline company’s stock worth $3,521,000 after acquiring an additional 916 shares in the last quarter. Williams & Novak LLC purchased a new stake in shares of Targa Resources during the 3rd quarter worth approximately $222,000. Chapin Davis Inc. lifted its stake in Targa Resources by 1,235.9% in the 3rd quarter. Chapin Davis Inc. now owns 33,011 shares of the pipeline company’s stock valued at $4,886,000 after buying an additional 30,540 shares in the last quarter. Finally, Mather Group LLC. lifted its stake in Targa Resources by 31.5% in the 3rd quarter. Mather Group LLC. now owns 2,958 shares of the pipeline company’s stock valued at $438,000 after buying an additional 708 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $162.52 on Friday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The firm has a 50-day moving average of $146.18 and a two-hundred day moving average of $129.76. The stock has a market cap of $35.60 billion, a P/E ratio of 34.21, a PEG ratio of 1.29 and a beta of 2.25. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $163.71.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the company posted $1.44 earnings per share. On average, research analysts expect that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Targa Resources news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the transaction, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,534 shares of company stock valued at $26,815,021. Insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Barclays upped their target price on Targa Resources from $123.00 to $138.00 and gave the company an “overweight” rating in a research note on Wednesday, July 3rd. Truist Financial upped their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. upped their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. The Goldman Sachs Group upped their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Scotiabank upped their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $141.77.

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.