Mezzasalma Advisors LLC Buys 524 Shares of Targa Resources Corp. (NYSE:TRGP)

Mezzasalma Advisors LLC grew its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 2.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,786 shares of the pipeline company’s stock after acquiring an additional 524 shares during the quarter. Targa Resources comprises approximately 1.2% of Mezzasalma Advisors LLC’s portfolio, making the stock its 26th biggest position. Mezzasalma Advisors LLC’s holdings in Targa Resources were worth $2,929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Zurich Insurance Group Ltd FI purchased a new stake in Targa Resources during the 2nd quarter valued at $72,345,000. American Century Companies Inc. boosted its position in shares of Targa Resources by 239.1% during the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after buying an additional 557,832 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Targa Resources by 71.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after buying an additional 428,276 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock worth $194,720,000 after buying an additional 360,675 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Targa Resources by 13.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after acquiring an additional 271,444 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.5 %

Targa Resources stock opened at $162.63 on Thursday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The stock has a market cap of $35.63 billion, a P/E ratio of 34.24, a PEG ratio of 1.32 and a beta of 2.25. The firm’s 50 day moving average price is $149.38 and its 200-day moving average price is $131.59. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $167.79.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the company earned $1.44 EPS. On average, equities analysts predict that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

Analyst Ratings Changes

A number of analysts have recently commented on TRGP shares. Truist Financial lifted their price target on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Barclays lifted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday. Wells Fargo & Company raised their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Royal Bank of Canada upped their price objective on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, The Goldman Sachs Group raised their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $148.36.

Insiders Place Their Bets

In other Targa Resources news, Director Paul W. Chung sold 916 shares of Targa Resources stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the completion of the transaction, the director now directly owns 238,591 shares of the company’s stock, valued at $32,531,882.85. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Targa Resources news, Director Paul W. Chung sold 916 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 238,591 shares of the company’s stock, valued at $32,531,882.85. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 12,641 shares of the company’s stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares in the company, valued at approximately $5,165,203.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock valued at $26,815,021 over the last ninety days. 1.44% of the stock is owned by insiders.

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.