Prime Capital Investment Advisors LLC Purchases 84 Shares of Targa Resources Corp. (NYSE:TRGP)

Prime Capital Investment Advisors LLC boosted its holdings in Targa Resources Corp. (NYSE:TRGP) by 4.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,172 shares of the pipeline company’s stock after acquiring an additional 84 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Targa Resources were worth $321,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. DT Investment Partners LLC bought a new position in shares of Targa Resources during the third quarter valued at $29,000. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources during the 2nd quarter valued at about $29,000. UMB Bank n.a. raised its holdings in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. bought a new position in Targa Resources during the second quarter valued at approximately $44,000. Finally, Venturi Wealth Management LLC boosted its holdings in Targa Resources by 36.1% in the third quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock worth $79,000 after purchasing an additional 141 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock worth $30,026,712 over the last quarter. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on TRGP. Royal Bank of Canada boosted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Truist Financial increased their target price on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a report on Friday. The Goldman Sachs Group boosted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley raised their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $169.79.

Targa Resources Stock Up 2.3 %

TRGP opened at $196.04 on Friday. The stock has a market cap of $42.75 billion, a price-to-earnings ratio of 35.45, a price-to-earnings-growth ratio of 0.77 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm’s fifty day moving average is $163.51 and its 200 day moving average is $140.77. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $197.14.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS 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 business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the previous year, the business earned $0.97 earnings per share. On average, sell-side analysts forecast that Targa Resources Corp. will post 6.19 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date was Thursday, October 31st. 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.