Corient Private Wealth LLC Raises Holdings in Targa Resources, Inc. $TRGP

Corient Private Wealth LLC increased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 15.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,115 shares of the pipeline company’s stock after purchasing an additional 4,508 shares during the quarter. Corient Private Wealth LLC’s holdings in Targa Resources were worth $5,765,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Elevation Point Wealth Partners LLC purchased a new stake in shares of Targa Resources in the second quarter valued at $53,000. Hilltop National Bank bought a new stake in Targa Resources in the second quarter valued at about $63,000. Kestra Investment Management LLC bought a new position in shares of Targa Resources in the 2nd quarter worth about $70,000. Private Trust Co. NA boosted its position in Targa Resources by 57.1% during the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after purchasing an additional 173 shares during the period. Finally, Wolff Wiese Magana LLC increased its stake in shares of Targa Resources by 61.0% in the second quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock valued at $84,000 after purchasing an additional 183 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $178.33 on Friday. The company’s 50 day moving average price is $167.15 and its two-hundred day moving average price is $166.97. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market capitalization of $38.28 billion, a P/E ratio of 23.71, a P/E/G ratio of 1.03 and a beta of 0.89.

Targa Resources (NYSE:TRGP) last released its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. Targa Resources’s payout ratio is 53.19%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on TRGP shares. Scotiabank raised their price objective on Targa Resources from $198.00 to $199.00 and gave the stock an “outperform” rating in a research note on Wednesday. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Stifel Nicolaus set a $213.00 price target on shares of Targa Resources in a report on Thursday, November 6th. Mizuho decreased their price objective on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. Finally, The Goldman Sachs Group reduced their price objective on Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $210.79.

Insider Transactions at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the transaction, the insider directly owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the sale, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is owned by insiders.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.