Cerity Partners LLC Purchases 4,147 Shares of Targa Resources Corp. (NYSE:TRGP)

Cerity Partners LLC grew its position in Targa Resources Corp. (NYSE:TRGP) by 87.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,899 shares of the pipeline company’s stock after purchasing an additional 4,147 shares during the period. Cerity Partners LLC’s holdings in Targa Resources were worth $773,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. VisionPoint Advisory Group LLC increased its stake in Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after buying an additional 209 shares during the last quarter. Rational Advisors LLC bought a new stake in Targa Resources during the third quarter worth $43,000. Huntington National Bank boosted its position in Targa Resources by 124.4% in the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after purchasing an additional 296 shares during the last quarter. Harvest Fund Management Co. Ltd grew its stake in Targa Resources by 36.1% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 150 shares during the period. Finally, EverSource Wealth Advisors LLC increased its position in shares of Targa Resources by 77.5% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 850 shares of the pipeline company’s stock valued at $73,000 after purchasing an additional 371 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Activity

In related news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares of the company’s stock, valued at $15,141,506. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider D. Scott Pryor sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now directly owns 156,098 shares of the company’s stock, valued at $15,141,506. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.36, for a total transaction of $2,537,298.96. Following the completion of 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 worth $7,987,215 in the last three months. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $113.51 on Tuesday. Targa Resources Corp. has a 52-week low of $67.36 and a 52-week high of $117.61. The business’s fifty day moving average is $106.35 and its 200 day moving average is $93.10. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79. The firm has a market cap of $25.26 billion, a price-to-earnings ratio of 30.93 and a beta of 2.21.

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 the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The company had revenue of $4.24 billion for the quarter, compared to the consensus estimate of $4.50 billion. Research analysts predict that Targa Resources Corp. will post 5.77 EPS for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.64%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s dividend payout ratio (DPR) is presently 54.50%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on TRGP shares. Barclays increased their price target 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. The Goldman Sachs Group raised their price target on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Royal Bank of Canada upped their price objective on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. UBS Group decreased their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Finally, JPMorgan Chase & Co. upped their price target on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $119.55.

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.