Sound View Wealth Advisors Group LLC Makes New Investment in Targa Resources Corp. (NYSE:TRGP)

Sound View Wealth Advisors Group LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,756 shares of the pipeline company’s stock, valued at approximately $313,000.

A number of other hedge funds have also made changes to their positions in the stock. Aspect Partners LLC raised its position in Targa Resources by 144.4% in the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after acquiring an additional 130 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the 3rd quarter worth approximately $35,000. Rosenberg Matthew Hamilton grew its stake in shares of Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $49,000. Finally, Assetmark Inc. lifted its stake in Targa Resources by 1,812.5% during the fourth quarter. Assetmark Inc. now owns 306 shares of the pipeline company’s stock valued at $55,000 after purchasing an additional 290 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on TRGP shares. The Goldman Sachs Group increased their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Mizuho boosted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Truist Financial cut their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Citigroup raised their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $206.43.

Insiders Place Their Bets

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 over the last ninety days. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 2.1 %

Targa Resources stock opened at $178.15 on Tuesday. 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 12 month low of $103.18 and a 12 month high of $218.51. The company’s fifty day simple moving average is $198.77 and its 200-day simple moving average is $180.47. The stock has a market cap of $38.86 billion, a P/E ratio of 31.04, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The firm had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, sell-side analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

About Targa Resources

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.