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

Icon Wealth Advisors LLC purchased a new stake in Targa Resources Corp. (NYSE:TRGPFree Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 14,927 shares of the pipeline company’s stock, valued at approximately $1,297,000.

A number of other hedge funds also recently made changes to their positions in the business. Wellington Management Group LLP raised its stake in shares of Targa Resources by 5.1% in the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after buying an additional 401,144 shares in the last quarter. Deutsche Bank AG increased its position in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock worth $478,063,000 after purchasing an additional 3,720,270 shares in the last quarter. Morgan Stanley increased its position in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after purchasing an additional 524,794 shares in the last quarter. FMR LLC increased its position in shares of Targa Resources by 3.2% during the 3rd quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock worth $208,413,000 after purchasing an additional 74,310 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Targa Resources during the 4th quarter worth about $187,123,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Trading Up 0.2 %

Shares of NYSE TRGP 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 stock has a market cap of $26.64 billion, a price-to-earnings ratio of 24.67, a price-to-earnings-growth ratio of 0.69 and a beta of 2.21. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources Corp. has a one year low of $69.44 and a one year high of $120.48. The company’s fifty day simple moving average is $115.14 and its 200-day simple moving average is $100.43.

Targa Resources (NYSE:TRGPGet Free Report) last released 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 firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. On average, sell-side analysts anticipate that Targa Resources Corp. will post 5.33 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

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

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares of the company’s stock, valued at approximately $15,396,766.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares in the company, valued at approximately $6,466,764. The disclosure for this sale can be found here. Insiders have sold 32,691 shares of company stock valued at $3,693,763 in the last 90 days. 1.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Citigroup increased their target price on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Wells Fargo & Company increased their target price on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. Truist Financial increased their target price on shares of Targa Resources from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Barclays raised their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $128.58.

Get Our Latest Stock Analysis on TRGP

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.

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

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