Sequoia Financial Advisors LLC Increases Stock Position in Targa Resources Corp. (NYSE:TRGP)

Sequoia Financial Advisors LLC boosted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 40.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,030 shares of the pipeline company’s stock after purchasing an additional 1,162 shares during the period. Sequoia Financial Advisors LLC’s holdings in Targa Resources were worth $350,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Cetera Advisor Networks LLC purchased a new position in Targa Resources during the 1st quarter worth $250,000. PNC Financial Services Group Inc. lifted its position in shares of Targa Resources by 5.3% in the first quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock valued at $1,112,000 after acquiring an additional 737 shares in the last quarter. Sei Investments Co. grew its stake in Targa Resources by 11.6% during the 1st quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock valued at $14,072,000 after acquiring an additional 19,372 shares in the last quarter. Brighton Jones LLC purchased a new stake in Targa Resources in the first quarter valued at $249,000. Finally, Covestor Ltd increased its holdings in Targa Resources by 91.8% in the 1st quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock valued at $108,000 after purchasing an additional 684 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares in the company, valued at approximately $7,012,769.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the firm’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of the business’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total value of $2,537,298.96. Following the transaction, the chief financial officer now directly owns 227,663 shares of the company’s stock, valued at approximately $22,165,269.68. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock valued at $7,987,215 in the last three months. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $111.78 on Friday. The firm has a market cap of $24.87 billion, a P/E ratio of 30.46 and a beta of 2.21. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $117.61. The firm has a 50 day simple moving average of $105.34 and a 200 day simple moving average of $92.49.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). The firm had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. Sell-side analysts predict that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.75 dividend. The ex-dividend date is Monday, April 29th. This represents a $3.00 dividend on an annualized basis and a yield of 2.68%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is 81.74%.

Analyst Ratings Changes

TRGP has been the subject of several recent analyst reports. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. Stifel Nicolaus boosted their price target on Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research report on Tuesday. The Goldman Sachs Group boosted their price target on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Truist Financial upped their target price on Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, March 20th. Finally, Barclays raised their price target on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $117.92.

About Targa Resources

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.