Stifel Financial Corp Acquires 28,177 Shares of Targa Resources Corp. (NYSE:TRGP)

Stifel Financial Corp raised its holdings in shares of Targa Resources Corp. (NYSE:TRGPFree Report) by 22.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 151,513 shares of the pipeline company’s stock after buying an additional 28,177 shares during the period. Stifel Financial Corp owned about 0.07% of Targa Resources worth $13,162,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TRGP. Addison Advisors LLC purchased a new stake in Targa Resources during the 4th quarter valued at $27,000. VisionPoint Advisory Group LLC grew its stake in shares of Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares during the last quarter. EdgeRock Capital LLC purchased a new position in Targa Resources during the 4th quarter valued at about $42,000. Rational Advisors LLC bought a new position in Targa Resources during the 3rd quarter valued at approximately $43,000. Finally, Delos Wealth Advisors LLC purchased a new stake in Targa Resources in the 4th quarter worth approximately $43,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. upped their target price on Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. Royal Bank of Canada raised their target price on shares of Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research report on Thursday, May 16th. Wells Fargo & Company boosted 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. Mizuho raised their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Finally, Scotiabank upped their target price on Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Monday, April 15th. One equities research analyst has rated the stock with a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $121.50.

Get Our Latest Analysis on Targa Resources

Targa Resources Stock Up 0.2 %

Shares of NYSE:TRGP opened at $116.72 on Wednesday. Targa Resources Corp. has a 12-month low of $69.44 and a 12-month high of $119.68. The stock has a market capitalization of $25.88 billion, a price-to-earnings ratio of 24.02, a PEG ratio of 0.68 and a beta of 2.21. The stock has a fifty day simple moving average of $114.60 and a two-hundred day simple moving average of $99.55. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGPGet Free Report) last announced its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). The firm had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. On average, research analysts anticipate that Targa Resources Corp. will post 5.33 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.57%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of Targa Resources stock in a transaction on 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 sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the transaction, the insider now owns 136,098 shares in the company, valued at $15,396,766.74. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total transaction of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares in the company, valued at approximately $6,466,764. The disclosure for this sale can be found here. Insiders sold a total of 32,691 shares of company stock worth $3,693,763 in the last three months. Insiders own 1.44% of the company’s stock.

Targa Resources Company Profile

(Free Report)

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.

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

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