Benjamin F. Edwards & Company Inc. Sells 986 Shares of Targa Resources Corp. (NYSE:TRGP)

Benjamin F. Edwards & Company Inc. trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 22.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,454 shares of the pipeline company’s stock after selling 986 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Targa Resources were worth $300,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Addison Advisors LLC acquired a new position in Targa Resources during the 4th quarter worth about $27,000. VisionPoint Advisory Group LLC lifted its position in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 209 shares during the period. Rational Advisors LLC acquired a new position in shares of Targa Resources during the third quarter valued at about $43,000. Huntington National Bank grew its stake in Targa Resources by 124.4% in the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 296 shares during the period. Finally, Harvest Fund Management Co. Ltd grew its position 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. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the sale, the director now owns 95,471 shares of the company’s stock, valued at approximately $10,744,306.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Charles R. Crisp sold 7,000 shares of the firm’s stock in a transaction on Wednesday, May 8th. The shares were sold at an average price of $112.54, for a total transaction of $787,780.00. Following the sale, the director now owns 95,471 shares in the company, valued at approximately $10,744,306.34. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. Insiders sold 91,657 shares of company stock valued at $9,079,078 over the last three months. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $113.59 on Friday. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The firm has a market cap of $25.18 billion, a PE ratio of 23.37 and a beta of 2.19. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87. The stock’s fifty day moving average price is $111.25 and its two-hundred day moving average price is $95.59.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing the consensus estimate of $1.49 by ($0.26). The business had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. On average, equities research analysts forecast that Targa Resources Corp. will post 5.72 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.75 per share. The ex-dividend date is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.64%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is currently 61.73%.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. Truist Financial lifted their price objective on shares of Targa Resources from $105.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Mizuho raised their price objective on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Scotiabank upped their target price on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 15th. Wells Fargo & Company raised their price target on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Finally, Stifel Nicolaus increased their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $119.92.

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.