Icon Wealth Advisors LLC Purchases Shares of 14,927 Targa Resources Corp. (NYSE:TRGP)

Icon Wealth Advisors LLC purchased a new stake in shares of Targa Resources Corp. (NYSE:TRGPFree Report) during the 4th quarter, HoldingsChannel reports. The firm purchased 14,927 shares of the pipeline company’s stock, valued at approximately $1,297,000.

Several other large investors have also added to or reduced their stakes in TRGP. Deutsche Bank AG grew its stake in Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after purchasing an additional 3,720,270 shares during the last quarter. Norges Bank purchased a new stake in shares of Targa Resources in the fourth quarter worth about $187,123,000. Truist Financial Corp boosted its stake in shares of Targa Resources by 11,513.7% in the third quarter. Truist Financial Corp now owns 636,429 shares of the pipeline company’s stock worth $54,555,000 after buying an additional 630,949 shares during the last quarter. Morgan Stanley boosted its stake in shares of Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after buying an additional 524,794 shares during the last quarter. Finally, abrdn plc boosted its stake in shares of Targa Resources by 802.0% in the fourth quarter. abrdn plc now owns 484,917 shares of the pipeline company’s stock worth $42,125,000 after buying an additional 431,156 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on TRGP shares. Scotiabank upped their price target on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Monday, April 15th. Truist Financial upped their price target on Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Monday. Mizuho upped their price target on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. UBS Group increased their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday. Finally, The Goldman Sachs Group increased their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $128.58.

Get Our Latest Stock Analysis on Targa Resources

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now directly owns 136,098 shares in the company, valued at $15,396,766.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Ershel C. Redd, Jr. sold 3,000 shares of Targa Resources stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $113.10, for a total transaction of $339,300.00. Following the sale, the director now owns 28,223 shares in the company, valued at $3,192,021.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,691 shares of company stock worth $3,693,763. Company insiders own 1.44% of the company’s stock.

Targa Resources Trading Up 0.2 %

Targa Resources stock traded up $0.24 during mid-day trading on Tuesday, hitting $120.15. The company’s stock had a trading volume of 162,897 shares, compared to its average volume of 1,622,931. The firm has a market capitalization of $26.64 billion, a PE ratio of 24.67, a price-to-earnings-growth ratio of 0.69 and a beta of 2.21. Targa Resources Corp. has a 1 year low of $69.44 and a 1 year high of $120.48. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. The stock’s fifty day moving average is $115.14 and its two-hundred day moving average is $100.43.

Targa Resources (NYSE:TRGPGet Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.28 billion. On average, analysts anticipate that Targa Resources Corp. will post 5.33 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were issued a $0.75 dividend. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.50%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

About Targa Resources

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp. (NYSE:TRGPFree Report).

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.