UMB Bank n.a. Purchases 1,865 Shares of Targa Resources Corp. (NYSE:TRGP)

UMB Bank n.a. lifted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 1,351.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,003 shares of the pipeline company’s stock after purchasing an additional 1,865 shares during the period. UMB Bank n.a.’s holdings in Targa Resources were worth $174,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Harbour Investments Inc. grew its holdings in shares of Targa Resources by 51.3% during the third quarter. Harbour Investments Inc. now owns 357 shares of the pipeline company’s stock worth $31,000 after purchasing an additional 121 shares during the last quarter. Quarry LP bought a new stake in shares of Targa Resources during the first quarter worth about $33,000. VisionPoint Advisory Group LLC grew its holdings in shares of Targa Resources by 111.2% during the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after purchasing an additional 209 shares during the last quarter. Rational Advisors LLC bought a new stake in shares of Targa Resources during the third quarter worth about $43,000. Finally, Huntington National Bank lifted its stake in shares of Targa Resources by 124.4% in the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 296 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 10,000 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $97.31, for a total value of $973,100.00. Following the completion of the sale, the insider now directly owns 219,451 shares of the company’s stock, valued at approximately $21,354,776.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the sale, the director now directly owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $97.31, for a total value of $973,100.00. Following the sale, the insider now directly owns 219,451 shares of the company’s stock, valued at $21,354,776.81. The disclosure for this sale can be found here. In the last three months, insiders sold 81,966 shares of company stock valued at $7,987,215. 1.39% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several analyst reports. Barclays upped their target price on Targa Resources from $105.00 to $116.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Truist Financial increased their price target on Targa Resources from $105.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. Royal Bank of Canada increased their price target on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. Citigroup increased their price target on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, UBS Group cut their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a report on Thursday, January 18th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $115.10.

Targa Resources Price Performance

Shares of TRGP opened at $115.96 on Friday. Targa Resources Corp. has a 12-month low of $67.36 and a 12-month high of $116.70. The business’s fifty day moving average is $99.75 and its 200 day moving average is $90.47. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68. The stock has a market cap of $25.81 billion, a P/E ratio of 31.60 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. The firm had revenue of $4.24 billion during the quarter, compared to the consensus estimate of $4.50 billion. Sell-side analysts anticipate that Targa Resources Corp. will post 5.75 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Investors of record on Wednesday, January 31st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Tuesday, January 30th. Targa Resources’s payout ratio is currently 54.50%.

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.