Nwam LLC Purchases Shares of 2,095 Targa Resources Corp. (NYSE:TRGP)

Nwam LLC acquired a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the third quarter, HoldingsChannel reports. The firm acquired 2,095 shares of the pipeline company’s stock, valued at approximately $310,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in TRGP. Caxton Associates LP bought a new position in Targa Resources during the second quarter worth about $2,323,000. Cetera Investment Advisers increased its holdings in shares of Targa Resources by 215.2% during the 1st quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after acquiring an additional 21,200 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of Targa Resources by 6.5% during the 1st quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock worth $49,783,000 after acquiring an additional 27,164 shares during the last quarter. Virtu Financial LLC acquired a new stake in Targa Resources during the 1st quarter valued at $1,151,000. Finally, Braun Stacey Associates Inc. acquired a new stake in Targa Resources during the 3rd quarter valued at $11,042,000. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on TRGP. Truist Financial increased their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Wells Fargo & Company increased their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Barclays upped their target price on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $176.50.

Targa Resources Stock Performance

TRGP opened at $201.10 on Tuesday. The firm has a market cap of $43.85 billion, a P/E ratio of 36.37, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. The business’s fifty day moving average is $170.38 and its 200-day moving average is $144.99. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the firm earned $0.97 EPS. Sell-side analysts expect that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.49%. Targa Resources’s dividend payout ratio is currently 54.25%.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 over the last three months. Insiders own 1.39% of the company’s stock.

Targa Resources 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.