Ashton Thomas Securities LLC Raises Stock Position in Targa Resources Corp. (NYSE:TRGP)

Ashton Thomas Securities LLC raised its holdings in Targa Resources Corp. (NYSE:TRGP) by 193.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,145 shares of the pipeline company’s stock after purchasing an additional 2,074 shares during the quarter. Ashton Thomas Securities LLC’s holdings in Targa Resources were worth $560,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Atala Financial Inc acquired a new stake in Targa Resources during the fourth quarter worth about $31,000. Rakuten Securities Inc. boosted its position in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock worth $33,000 after purchasing an additional 146 shares in the last quarter. Aspect Partners LLC grew its stake in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares during the period. Rosenberg Matthew Hamilton increased its holdings in shares of Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Targa Resources in the 4th quarter valued at $49,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the sale, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 35,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. The trade was a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by corporate insiders.

Targa Resources Price Performance

Targa Resources stock opened at $205.20 on Wednesday. The company has a fifty day simple moving average of $200.01 and a 200-day simple moving average of $184.16. The firm has a market capitalization of $44.76 billion, a price-to-earnings ratio of 35.75, a PEG ratio of 0.61 and a beta of 2.32. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. Targa Resources’s dividend payout ratio is presently 52.26%.

Analyst Ratings Changes

Several research firms recently commented on TRGP. Wells Fargo & Company raised their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Barclays lifted their price target on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Morgan Stanley increased their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Finally, Royal Bank of Canada increased their target price on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research report on Monday, March 3rd. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average price target of $211.00.

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.