Targa Resources Corp. (NYSE:TRGP) Position Lessened by RBA Wealth Management LLC

RBA Wealth Management LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 1.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,897 shares of the pipeline company’s stock after selling 384 shares during the period. RBA Wealth Management LLC’s holdings in Targa Resources were worth $3,833,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after buying an additional 201,817 shares in the last quarter. Caxton Associates LP bought a new position in Targa Resources during the second quarter valued at about $2,323,000. New Mexico Educational Retirement Board increased its stake in shares of Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after purchasing an additional 33,900 shares during the period. BNP Paribas Financial Markets increased its stake 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 purchasing an additional 178,655 shares during the period. Finally, Sciencast Management LP bought a new position in shares of Targa Resources in the first quarter worth about $1,910,000. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Paul W. Chung sold 916 shares of the business’s stock in a transaction 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 of the company’s stock, valued at $32,531,882.85. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,534 shares of company stock worth $26,815,021. Insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Truist Financial lifted their price objective on 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 price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company lifted their target price on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Scotiabank lifted their target price on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group lifted 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 equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $148.36.

Targa Resources Price Performance

Shares of TRGP traded up $3.26 on Tuesday, hitting $164.97. The company’s stock had a trading volume of 656,388 shares, compared to its average volume of 1,640,249. The company has a market capitalization of $36.14 billion, a PE ratio of 34.04, a PEG ratio of 1.27 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $167.79. The company has a 50 day moving average price of $150.91 and a 200 day moving average price of $132.74.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data 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 net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the company posted $1.44 EPS. On average, research analysts anticipate that Targa Resources Corp. will post 6 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

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.