Cerity Partners LLC Acquires New Position in Targa Resources Corp. (NYSE:TRGP)

Cerity Partners LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGPGet Rating) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 7,142 shares of the pipeline company’s stock, valued at approximately $426,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Herold Advisors Inc. purchased a new position in Targa Resources during the 1st quarter worth approximately $29,000. SeaCrest Wealth Management LLC purchased a new position in Targa Resources during the 2nd quarter worth approximately $34,000. Prospera Financial Services Inc purchased a new position in Targa Resources during the 1st quarter worth approximately $36,000. MCF Advisors LLC purchased a new position in Targa Resources during the 1st quarter worth approximately $39,000. Finally, CENTRAL TRUST Co raised its position in Targa Resources by 193.5% during the 1st quarter. CENTRAL TRUST Co now owns 728 shares of the pipeline company’s stock worth $55,000 after buying an additional 480 shares during the last quarter. 87.45% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $72.33 on Friday. The company’s fifty day moving average price is $67.28 and its 200 day moving average price is $67.25. Targa Resources Corp. has a 1 year low of $47.57 and a 1 year high of $81.50. The stock has a market capitalization of $16.37 billion, a P/E ratio of 68.24 and a beta of 2.36. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.60 and a current ratio of 0.74.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 15th. Investors of record on Monday, October 31st were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, October 28th. This represents a $1.40 dividend on an annualized basis and a yield of 1.94%. Targa Resources’s dividend payout ratio is currently 132.08%.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent research reports. StockNews.com initiated coverage on shares of Targa Resources in a research report on Wednesday, October 12th. They set a “hold” rating for the company. US Capital Advisors reissued a “buy” rating on shares of Targa Resources in a research report on Monday, July 25th. Morgan Stanley raised their price objective on shares of Targa Resources from $105.00 to $108.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 19th. TheStreet raised shares of Targa Resources from a “c” rating to a “b-” rating in a research note on Friday, October 28th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $93.00 price objective on shares of Targa Resources in a research note on Thursday, September 8th. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $84.91.

Insider Activity at Targa Resources

In related news, CAO Julie H. Boushka sold 2,086 shares of Targa Resources stock in a transaction on Wednesday, November 9th. The shares were sold at an average price of $70.87, for a total value of $147,834.82. Following the sale, the chief accounting officer now owns 57,839 shares of the company’s stock, valued at approximately $4,099,049.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,086 shares of the firm’s stock in a transaction on Wednesday, November 9th. The stock was sold at an average price of $70.87, for a total value of $147,834.82. Following the transaction, the chief accounting officer now owns 57,839 shares in the company, valued at approximately $4,099,049.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joe Bob Perkins sold 62,326 shares of the firm’s stock in a transaction on Wednesday, November 2nd. The shares were sold at an average price of $67.84, for a total value of $4,228,195.84. Following the completion of the transaction, the director now owns 88,692 shares in the company, valued at approximately $6,016,865.28. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.

About Targa Resources

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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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.

See Also

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

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