Buckley Wealth Management LLC Raises Holdings in Targa Resources Corp. (NYSE:TRGP)

Buckley Wealth Management LLC raised its holdings in Targa Resources Corp. (NYSE:TRGP) by 0.7% during the third quarter, Holdings Channel.com reports. The firm owned 9,925 shares of the pipeline company’s stock after purchasing an additional 65 shares during the period. Buckley Wealth Management LLC’s holdings in Targa Resources were worth $1,469,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. increased its holdings in Targa Resources by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares during the last quarter. Caxton Associates LP purchased a new stake in shares of Targa Resources in the 2nd quarter valued at $2,323,000. New Mexico Educational Retirement Board lifted its stake in Targa Resources by 287.3% during the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after acquiring an additional 33,900 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Targa Resources by 160.3% during the 1st 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 in the last quarter. Finally, Sciencast Management LP purchased a new position in Targa Resources during the 1st quarter valued at about $1,910,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, Director Paul W. Chung sold 916 shares of the stock in a transaction dated 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 sale, the director now owns 238,591 shares in the company, valued at approximately $32,531,882.85. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 175,534 shares of company stock valued at $26,815,021. Insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TRGP. Wells Fargo & Company increased their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. upped their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Truist Financial lifted their target price on Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, Royal Bank of Canada upped their price target on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a report on Wednesday. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $148.36.

Targa Resources Stock Up 0.5 %

TRGP traded up $0.83 on Friday, reaching $162.75. The company’s stock had a trading volume of 843,919 shares, compared to its average volume of 1,647,912. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $167.79. The stock has a 50 day moving average of $150.42 and a two-hundred day moving average of $132.29. The company has a market capitalization of $36.08 billion, a price-to-earnings ratio of 33.49, a P/E/G ratio of 1.32 and a beta of 2.25.

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. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. During the same period last year, the firm posted $1.44 EPS. As a group, analysts forecast that Targa Resources Corp. will post 5.9 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. 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 dividend payout ratio (DPR) is currently 61.73%.

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.