HB Wealth Management LLC Buys 279 Shares of Targa Resources Corp. (NYSE:TRGP)

HB Wealth Management LLC lifted its stake in Targa Resources Corp. (NYSE:TRGP) by 5.6% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 5,294 shares of the pipeline company’s stock after purchasing an additional 279 shares during the quarter. HB Wealth Management LLC’s holdings in Targa Resources were worth $682,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Fifth Third Bancorp raised its stake in Targa Resources by 1.0% during the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after acquiring an additional 89 shares during the period. Massmutual Trust Co. FSB ADV lifted its stake in shares of Targa Resources by 17.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock valued at $71,000 after buying an additional 93 shares in the last quarter. Catalina Capital Group LLC lifted its stake in shares of Targa Resources by 3.4% during the 2nd quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock valued at $392,000 after buying an additional 99 shares in the last quarter. Gulf International Bank UK Ltd boosted its holdings in Targa Resources by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock worth $1,981,000 after buying an additional 100 shares during the period. Finally, &PARTNERS increased its stake in Targa Resources by 1.1% in the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after buying an additional 107 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares in the company, valued at $5,165,203.50. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CAO Julie H. Boushka sold 12,641 shares of the stock in a transaction that occurred on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at $5,165,203.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The disclosure for this sale can be found here. Insiders have sold 43,034 shares of company stock valued at $5,623,890 in the last ninety days. 1.39% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of recent analyst reports. Barclays upped their price objective on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Argus initiated coverage on Targa Resources in a research note on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target for the company. UBS Group lifted their price objective on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Scotiabank raised their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, Truist Financial boosted their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $140.54.

Targa Resources Trading Up 0.6 %

TRGP stock traded up $0.89 during midday trading on Thursday, reaching $145.18. 202,722 shares of the company traded hands, compared to its average volume of 1,609,940. The firm has a market capitalization of $31.81 billion, a price-to-earnings ratio of 29.63, a P/E/G ratio of 1.15 and a beta of 2.27. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The business has a 50 day moving average of $135.04 and a 200-day moving average of $119.24. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $147.08.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The company had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same period last year, the company earned $1.44 earnings per share. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.75 per share. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a yield of 2.07%. Targa Resources’s payout ratio is 61.73%.

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.