RFG Holdings Inc. Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

RFG Holdings Inc. bought a new position in Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 1,162 shares of the pipeline company’s stock, valued at approximately $207,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Algert Global LLC lifted its holdings in Targa Resources by 123.0% in the 2nd quarter. Algert Global LLC now owns 4,147 shares of the pipeline company’s stock worth $534,000 after purchasing an additional 2,287 shares in the last quarter. Cetera Investment Advisers boosted its position in shares of Targa Resources by 4.7% during the second quarter. Cetera Investment Advisers now owns 32,519 shares of the pipeline company’s stock worth $4,188,000 after acquiring an additional 1,467 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Targa Resources during the second quarter valued at $1,992,000. Park Avenue Securities LLC purchased a new stake in Targa Resources in the 3rd quarter worth $242,000. Finally, Czech National Bank boosted its holdings in shares of Targa Resources by 5.6% during the 3rd quarter. Czech National Bank now owns 44,628 shares of the pipeline company’s stock valued at $6,605,000 after purchasing an additional 2,377 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $199.45 on Tuesday. The company has a 50 day moving average of $193.19 and a two-hundred day moving average of $169.12. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a twelve month low of $84.43 and a twelve month high of $218.51. The company has a market cap of $43.49 billion, a price-to-earnings ratio of 36.22, a price-to-earnings-growth ratio of 0.59 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (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 the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the prior year, the company posted $0.97 earnings per share. As a group, analysts predict that Targa Resources Corp. will post 6.41 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.50%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.44% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TRGP. Royal Bank of Canada boosted their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. UBS Group increased their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Barclays upped their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Truist Financial reduced their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $189.21.

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.