SL Advisors LLC Has $4.23 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

SL Advisors LLC lowered its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,686 shares of the pipeline company’s stock after selling 100 shares during the period. Targa Resources comprises about 7.0% of SL Advisors LLC’s investment portfolio, making the stock its 4th biggest holding. SL Advisors LLC’s holdings in Targa Resources were worth $4,228,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRGP. MML Investors Services LLC boosted its holdings in Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after buying an additional 10,100 shares in the last quarter. Caxton Associates LP purchased a new position in Targa Resources in the second quarter valued at about $2,323,000. Braun Stacey Associates Inc. acquired a new position in Targa Resources in the third quarter worth approximately $11,042,000. Metis Global Partners LLC raised its holdings in shares of Targa Resources by 12.7% during the 3rd quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after purchasing an additional 2,890 shares in the last quarter. Finally, Prospera Financial Services Inc raised its holdings in Targa Resources by 73.3% during the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock valued at $1,774,000 after buying an additional 5,067 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the company’s 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 owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on TRGP shares. Morgan Stanley upped their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. UBS Group increased their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Truist Financial dropped their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Bank of America assumed coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Finally, Barclays upped their price objective on 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 assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average price target of $181.43.

Targa Resources Stock Performance

Shares of Targa Resources stock traded up $1.47 during trading hours on Wednesday, hitting $189.29. 473,186 shares of the company’s stock traded hands, compared to its average volume of 1,250,255. The company has a fifty day simple moving average of $187.61 and a 200-day simple moving average of $159.92. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The stock has a market capitalization of $41.28 billion, a price-to-earnings ratio of 34.23, a PEG ratio of 0.73 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share 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 for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the prior year, the business posted $0.97 earnings per share. Equities research analysts anticipate that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.58%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

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.