Allstate Corp Purchases New Position in Targa Resources, Inc. $TRGP

Allstate Corp purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 8,147 shares of the pipeline company’s stock, valued at approximately $1,365,000.

A number of other large investors also recently added to or reduced their stakes in the stock. Peoples Financial Services CORP. purchased a new stake in Targa Resources during the 3rd quarter worth approximately $34,000. Avion Wealth increased its position in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 228 shares during the last quarter. First Horizon Corp purchased a new position in shares of Targa Resources during the third quarter worth $47,000. Elevation Point Wealth Partners LLC acquired a new stake in Targa Resources during the 2nd quarter worth approximately $53,000. Finally, Carolina Wealth Advisors LLC acquired a new position in shares of Targa Resources during the third quarter worth about $58,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

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

Targa Resources Trading Down 0.2%

Targa Resources stock opened at $185.01 on Wednesday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51. The firm has a 50-day moving average price of $178.59 and a two-hundred day moving average price of $168.88. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The firm has a market capitalization of $39.71 billion, a price-to-earnings ratio of 24.60, a PEG ratio of 0.90 and a beta of 0.87.

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

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be given a $1.00 dividend. The ex-dividend date is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.2%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Analyst Upgrades and Downgrades

TRGP has been the subject of several recent analyst reports. BMO Capital Markets boosted their target price on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Morgan Stanley raised their price objective on shares of Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Finally, Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $213.14.

About Targa Resources

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.