McClarren Financial Advisors Inc. Increases Stake in Targa Resources Corp. (NYSE:TRGP)

McClarren Financial Advisors Inc. increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 612.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 912 shares of the pipeline company’s stock after buying an additional 784 shares during the period. McClarren Financial Advisors Inc.’s holdings in Targa Resources were worth $135,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in TRGP. Zurich Insurance Group Ltd FI purchased a new position in shares of Targa Resources during the second quarter valued at $72,345,000. American Century Companies Inc. grew its stake in Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in Targa Resources by 71.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after purchasing an additional 428,276 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Targa Resources by 13.4% in 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 purchasing an additional 271,444 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TRGP shares. Bank of America started coverage on Targa Resources in a research note on Thursday. They issued a “buy” rating and a $182.00 target price on the stock. Truist Financial lifted 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. raised their price target on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Buy” and an average target price of $148.36.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.39% of the stock is owned by company insiders.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $0.83 on Friday, reaching $162.75. 843,919 shares of the stock were exchanged, compared to its average volume of 1,647,912. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $167.79. The firm has a market capitalization of $36.08 billion, a price-to-earnings ratio of 33.49, a PEG ratio of 1.32 and a beta of 2.25. The business has a 50 day moving average price of $150.42 and a two-hundred day moving average price of $132.29.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period in the previous year, the company posted $1.44 earnings per share. Analysts anticipate that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is presently 61.73%.

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.