Cerity Partners LLC Invests $426,000 in Targa Resources Corp. (NYSE:TRGP)

Cerity Partners LLC purchased a new position in shares of Targa Resources Corp. (NYSE:TRGPGet Rating) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 7,142 shares of the pipeline company’s stock, valued at approximately $426,000.

Several other institutional investors have also modified their holdings of the stock. Herold Advisors Inc. purchased a new stake in Targa Resources in the 1st quarter valued at about $29,000. SeaCrest Wealth Management LLC purchased a new stake in Targa Resources in the 2nd quarter valued at about $34,000. Prospera Financial Services Inc purchased a new stake in Targa Resources in the 1st quarter valued at about $36,000. MCF Advisors LLC purchased a new stake in Targa Resources in the 1st quarter valued at about $39,000. Finally, CENTRAL TRUST Co raised its holdings in Targa Resources by 193.5% in the 1st quarter. CENTRAL TRUST Co now owns 728 shares of the pipeline company’s stock valued at $55,000 after buying an additional 480 shares during the period. Hedge funds and other institutional investors own 87.45% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $72.33 on Friday. Targa Resources Corp. has a one year low of $47.57 and a one year high of $81.50. The company has a market cap of $16.37 billion, a PE ratio of 68.24 and a beta of 2.36. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.60 and a current ratio of 0.74. The business has a 50-day simple moving average of $67.28 and a 200-day simple moving average of $67.25.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 15th. Stockholders of record on Monday, October 31st were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date was Friday, October 28th. Targa Resources’s dividend payout ratio is presently 132.08%.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 2,086 shares of the business’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $70.87, for a total transaction of $147,834.82. Following the completion of the transaction, the chief accounting officer now directly owns 57,839 shares of the company’s stock, valued at $4,099,049.93. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Joe Bob Perkins sold 62,326 shares of the company’s stock in a transaction that occurred on Wednesday, November 2nd. The stock was sold at an average price of $67.84, for a total value of $4,228,195.84. Following the completion of the transaction, the director now directly owns 88,692 shares of the company’s stock, valued at $6,016,865.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 2,086 shares of the company’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $70.87, for a total value of $147,834.82. Following the completion of the transaction, the chief accounting officer now directly owns 57,839 shares of the company’s stock, valued at $4,099,049.93. The disclosure for this sale can be found here. Corporate insiders own 1.10% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TRGP. TheStreet upgraded shares of Targa Resources from a “c” rating to a “b-” rating in a report on Friday, October 28th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $93.00 target price on shares of Targa Resources in a research report on Thursday, September 8th. Morgan Stanley lifted their target price on Targa Resources from $105.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 19th. StockNews.com initiated coverage on Targa Resources in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Mizuho lifted their target price on Targa Resources from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, November 8th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $84.91.

Targa Resources Profile

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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.

See Also

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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