Foster Victor Wealth Advisors LLC Takes $518,000 Position in Targa Resources, Inc. $TRGP

Foster Victor Wealth Advisors LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,794 shares of the pipeline company’s stock, valued at approximately $518,000.

Several other institutional investors also recently made changes to their positions in the stock. Olistico Wealth LLC acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $27,000. Peoples Financial Services CORP. acquired a new position in shares of Targa Resources during the third quarter worth approximately $34,000. Root Financial Partners LLC acquired a new position in shares of Targa Resources during the third quarter worth approximately $39,000. Eagle Bay Advisors LLC acquired a new position in shares of Targa Resources during the fourth quarter worth approximately $42,000. Finally, Avion Wealth boosted 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 worth $46,000 after buying an additional 228 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

TRGP opened at $238.74 on Thursday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $253.87. The business has a 50 day moving average price of $235.93 and a two-hundred day moving average price of $195.62. The company has a market capitalization of $51.28 billion, a price-to-earnings ratio of 27.79, a price-to-earnings-growth ratio of 1.55 and a beta of 0.81. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The company had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Insider Activity at Targa Resources

In other news, insider Robert Muraro sold 24,589 shares of the stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the sale, the insider owned 197,401 shares in the company, valued at approximately $47,640,757.34. This represents a 11.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the business’s stock in a transaction on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the sale, the insider directly owned 31,938 shares in the company, valued at approximately $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 104,929 shares of company stock worth $24,692,134. 1.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group reiterated a “buy” rating and set a $242.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Royal Bank Of Canada boosted their price objective on Targa Resources from $260.00 to $270.00 and gave the stock an “outperform” rating in a research report on Monday. Wells Fargo & Company boosted their price objective on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research report on Friday, March 13th. UBS Group boosted their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Finally, Scotiabank boosted their price objective on Targa Resources from $246.00 to $249.00 and gave the stock an “outperform” rating in a research report on Monday. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $258.07.

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.