EverSource Wealth Advisors LLC lifted its position in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 2,222.2% in the first quarter, Holdings Channel reports. The firm owned 1,045 shares of the pipeline company’s stock after buying an additional 1,000 shares during the period. EverSource Wealth Advisors LLC’s holdings in Targa Resources were worth $78,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the company. Quadrant Capital Group LLC boosted its holdings in shares of Targa Resources by 2.0% in the first quarter. Quadrant Capital Group LLC now owns 8,085 shares of the pipeline company’s stock valued at $610,000 after purchasing an additional 162 shares during the period. Veritable L.P. boosted its holdings in shares of Targa Resources by 4.4% in the first quarter. Veritable L.P. now owns 4,343 shares of the pipeline company’s stock valued at $328,000 after purchasing an additional 185 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Targa Resources by 0.8% in the first quarter. Moneta Group Investment Advisors LLC now owns 23,890 shares of the pipeline company’s stock valued at $1,803,000 after purchasing an additional 192 shares during the period. National Asset Management Inc. lifted its holdings in Targa Resources by 2.4% during the first quarter. National Asset Management Inc. now owns 8,175 shares of the pipeline company’s stock worth $617,000 after buying an additional 193 shares during the period. Finally, TCI Wealth Advisors Inc. lifted its holdings in Targa Resources by 47.4% during the first quarter. TCI Wealth Advisors Inc. now owns 628 shares of the pipeline company’s stock worth $47,000 after buying an additional 202 shares during the period. Hedge funds and other institutional investors own 87.45% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on the company. Barclays lowered their target price on Targa Resources from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. The Goldman Sachs Group restated a “buy” rating and set a $93.00 target price on shares of Targa Resources in a report on Thursday, September 8th. Morgan Stanley upped their target price on Targa Resources from $103.00 to $105.00 and gave the stock an “overweight” rating in a report on Wednesday, July 20th. Royal Bank of Canada upped their price target on Targa Resources from $90.00 to $100.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 12th. Finally, Mizuho upped their price target on Targa Resources from $87.00 to $91.00 and gave the stock a “buy” rating in a research report on Tuesday, August 9th. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus price target of $82.83.
Targa Resources Price Performance
Targa Resources Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Friday, July 29th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.04%. The ex-dividend date of this dividend was Thursday, July 28th. Targa Resources’s payout ratio is currently 159.09%.
Insider Transactions at Targa Resources
In related news, insider Regina Gregory sold 6,494 shares of the firm’s stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $67.39, for a total value of $437,630.66. Following the transaction, the insider now directly owns 55,592 shares of the company’s stock, valued at approximately $3,746,344.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.10% of the company’s stock.
About Targa Resources
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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.
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