RBA Wealth Management LLC Has $3.83 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

RBA Wealth Management LLC cut its stake in Targa Resources Corp. (NYSE:TRGP) by 1.5% in the third quarter, Holdings Channel.com reports. The firm owned 25,897 shares of the pipeline company’s stock after selling 384 shares during the quarter. RBA Wealth Management LLC’s holdings in Targa Resources were worth $3,833,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Vanguard Group Inc. boosted its stake in shares of Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after buying an additional 201,817 shares during the last quarter. Blackstone Inc. boosted its stake in shares of Targa Resources by 2.7% during the 1st quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock worth $1,085,794,000 after buying an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after buying an additional 271,444 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Targa Resources by 26.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after buying an additional 360,675 shares during the last quarter. Finally, Truist Financial Corp boosted its stake in shares of Targa Resources by 5.9% during the 2nd quarter. Truist Financial Corp now owns 838,714 shares of the pipeline company’s stock worth $108,010,000 after buying an additional 46,864 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TRGP. Scotiabank increased their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, July 17th. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Truist Financial upped their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. The Goldman Sachs Group increased their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Royal Bank of Canada increased their price target on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $148.36.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, insider Gerald R. Shrader sold 3,000 shares of Targa Resources stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares in the company, valued at $4,027,784.18. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. Insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $3.26 during trading hours on Tuesday, hitting $164.97. 656,388 shares of the stock were exchanged, compared to its average volume of 1,640,249. 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 company has a market cap of $36.14 billion, a PE ratio of 34.04, a price-to-earnings-growth ratio of 1.27 and a beta of 2.25. The company’s fifty day simple moving average is $150.91 and its two-hundred day simple moving average is $132.74. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $167.79.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter last year, the business posted $1.44 EPS. On average, sell-side analysts predict that Targa Resources Corp. will post 6 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

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.