Targa Resources Corp. (NYSE:TRGP) Shares Sold by Phillips Wealth Planners LLC

Phillips Wealth Planners LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 17.0% in the 3rd quarter, Holdings Channel reports. The fund owned 1,333 shares of the pipeline company’s stock after selling 273 shares during the period. Phillips Wealth Planners LLC’s holdings in Targa Resources were worth $217,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of TRGP. Sequoia Financial Advisors LLC boosted its holdings in Targa Resources by 59.1% during the first quarter. Sequoia Financial Advisors LLC now owns 6,410 shares of the pipeline company’s stock worth $718,000 after buying an additional 2,380 shares in the last quarter. BNP Paribas Financial Markets raised its position in shares of Targa Resources by 160.3% in the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after acquiring an additional 178,655 shares during the period. Fidelis Capital Partners LLC purchased a new stake in shares of Targa Resources during the 1st quarter worth about $139,000. Daiwa Securities Group Inc. grew its position in shares of Targa Resources by 19.4% during the 1st quarter. Daiwa Securities Group Inc. now owns 34,128 shares of the pipeline company’s stock valued at $3,822,000 after acquiring an additional 5,555 shares during the period. Finally, FORA Capital LLC increased its stake in shares of Targa Resources by 49.1% in the 1st quarter. FORA Capital LLC now owns 58,427 shares of the pipeline company’s stock valued at $6,543,000 after purchasing an additional 19,233 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

TRGP opened at $165.27 on Friday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $169.92. The firm has a market capitalization of $36.21 billion, a PE ratio of 34.79, a PEG ratio of 1.29 and a beta of 2.24. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The firm’s 50-day moving average price is $155.23 and its 200 day moving average price is $135.82.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The business had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same period in the previous year, the firm posted $1.44 EPS. As a group, sell-side analysts expect that Targa Resources Corp. will post 5.96 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 63.16%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent analyst reports. Truist Financial increased their price target on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Argus upgraded Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Wells Fargo & Company boosted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Finally, Bank of America initiated coverage on shares of Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $152.79.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the transaction, the director now owns 238,591 shares in the company, valued at $32,531,882.85. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock worth $26,815,021 in the last three months. 1.39% of the stock is owned by corporate insiders.

Targa Resources Company 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.