OneAscent Wealth Management LLC Makes New $286,000 Investment in Targa Resources Corp. (NYSE:TRGP)

OneAscent Wealth Management LLC purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,756 shares of the pipeline company’s stock, valued at approximately $286,000.

A number of other large investors also recently added to or reduced their stakes in TRGP. Quarry LP acquired a new stake in shares of Targa Resources in the first quarter valued at $33,000. International Assets Investment Management LLC acquired a new stake in shares of Targa Resources in the first quarter valued at $35,000. Headlands Technologies LLC acquired a new stake in shares of Targa Resources in the first quarter valued at $36,000. BOKF NA acquired a new stake in shares of Targa Resources in the first quarter valued at $42,000. Finally, Brown Brothers Harriman & Co. raised its stake in shares of Targa Resources by 42.1% in the first quarter. Brown Brothers Harriman & Co. now owns 658 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 195 shares in the last quarter. 90.21% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP stock traded down $1.08 during mid-day trading on Friday, hitting $84.66. 3,711,582 shares of the stock were exchanged, compared to its average volume of 1,391,685. Targa Resources Corp. has a 12-month low of $57.23 and a 12-month high of $87.86. The stock has a market capitalization of $18.94 billion, a price-to-earnings ratio of 22.94 and a beta of 2.27. The stock’s fifty day simple moving average is $82.78 and its two-hundred day simple moving average is $76.17. The company has a debt-to-equity ratio of 2.60, a quick ratio of 0.61 and a current ratio of 0.74.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 3rd. The pipeline company reported $1.44 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.21. Targa Resources had a net margin of 4.75% and a return on equity of 18.14%. The business had revenue of $3.40 billion during the quarter, compared to the consensus estimate of $4.56 billion. On average, analysts forecast that Targa Resources Corp. will post 4.89 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st were paid a dividend of $0.50 per share. The ex-dividend date was Friday, July 28th. This represents a $2.00 annualized dividend and a dividend yield of 2.36%. Targa Resources’s dividend payout ratio (DPR) is 54.20%.

Analyst Ratings Changes

Several analysts have recently issued reports on TRGP shares. Citigroup increased their price objective on Targa Resources from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. Barclays dropped their target price on Targa Resources from $92.00 to $89.00 in a report on Tuesday, July 18th. Mizuho reissued a “buy” rating and issued a $99.00 target price on shares of Targa Resources in a report on Friday, June 30th. Truist Financial increased their target price on Targa Resources from $90.00 to $95.00 in a report on Friday, May 19th. Finally, StockNews.com started coverage on Targa Resources in a report on Thursday, August 17th. They issued a “hold” rating on the stock. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $102.20.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 2,184 shares of the stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $80.00, for a total transaction of $174,720.00. Following the completion of the sale, the chief accounting officer now owns 64,596 shares in the company, valued at $5,167,680. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Julie H. Boushka sold 2,184 shares of the firm’s stock in a transaction dated Friday, July 21st. The shares were sold at an average price of $80.00, for a total value of $174,720.00. Following the completion of the sale, the chief accounting officer now owns 64,596 shares in the company, valued at $5,167,680. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Julie H. Boushka sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $80.81, for a total transaction of $80,810.00. Following the completion of the sale, the chief accounting officer now owns 60,066 shares of the company’s stock, valued at approximately $4,853,933.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 14,610 shares of company stock worth $1,215,524. Company insiders own 1.39% of the company’s stock.

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. The company operates in two segments, Gathering and Processing, and Logistics and Transportation.