IHT Wealth Management LLC Acquires 332 Shares of Targa Resources Corp. (NYSE:TRGP)

IHT Wealth Management LLC grew its holdings in Targa Resources Corp. (NYSE:TRGP) by 17.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,254 shares of the pipeline company’s stock after purchasing an additional 332 shares during the quarter. IHT Wealth Management LLC’s holdings in Targa Resources were worth $334,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the 3rd quarter worth approximately $29,000. UMB Bank n.a. raised its holdings in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the period. Prospera Private Wealth LLC acquired a new stake in Targa Resources during the 3rd quarter worth approximately $35,000. Finally, Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter worth approximately $44,000. Institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % 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. Also, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % 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 ninety days. 1.44% of the stock is currently owned by company insiders.

Targa Resources Price Performance

Shares of TRGP opened at $186.91 on Tuesday. The company has a market cap of $40.76 billion, a price-to-earnings ratio of 33.80, a PEG ratio of 0.77 and a beta of 2.28. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The company’s fifty day simple moving average is $179.56 and its 200 day simple moving average is $150.78. 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 (NYSE:TRGP) last released its quarterly earnings data 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 net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the business posted $0.97 earnings per share. On average, research analysts forecast that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.61%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Analyst Ratings Changes

TRGP has been the topic of several research analyst reports. The Goldman Sachs Group raised their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Wells Fargo & Company raised their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Royal Bank of Canada raised their target price on shares of 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 report on Tuesday, November 26th. Finally, Barclays lifted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. One investment 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 company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $176.50.

About Targa Resources

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.