Custom Index Systems LLC Raises Position in Targa Resources Corp. (NYSE:TRGP)

Custom Index Systems LLC lifted its stake in Targa Resources Corp. (NYSE:TRGP) by 45.7% in the 4th quarter, HoldingsChannel reports. The firm owned 4,974 shares of the pipeline company’s stock after acquiring an additional 1,561 shares during the period. Custom Index Systems LLC’s holdings in Targa Resources were worth $888,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL purchased a new position in Targa Resources during the second quarter valued at approximately $29,000. DT Investment Partners LLC bought a new stake in shares of Targa Resources during the 3rd quarter valued at $29,000. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources during the 3rd quarter valued at $35,000. Rosenberg Matthew Hamilton boosted its holdings in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the period. Finally, UMB Bank n.a. increased its stake in Targa Resources by 39.6% in the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after buying an additional 106 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on TRGP shares. Stifel Nicolaus boosted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Scotiabank initiated coverage on Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price target on the stock. Barclays increased their price objective 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. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, 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 report on Friday, December 13th. One research 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 has a consensus rating of “Buy” and an average price target of $189.21.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was 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 in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

Targa Resources Stock Performance

Targa Resources stock opened at $196.55 on Friday. The company’s 50-day moving average price is $193.40 and its 200-day moving average price is $168.20. 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 market cap of $42.86 billion, a PE ratio of 35.54, a price-to-earnings-growth ratio of 0.61 and a beta of 2.30. Targa Resources Corp. has a twelve month low of $84.33 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the firm posted $0.97 earnings per share. On average, equities research analysts forecast that Targa Resources Corp. will post 6.41 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be given a $0.75 dividend. The ex-dividend date is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. Targa Resources’s dividend payout ratio is presently 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.