NewEdge Wealth LLC Acquires 1,834 Shares of Targa Resources Corp. (NYSE:TRGP)

NewEdge Wealth LLC grew its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 18.4% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,814 shares of the pipeline company’s stock after acquiring an additional 1,834 shares during the period. NewEdge Wealth LLC’s holdings in Targa Resources were worth $1,026,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of TRGP. Harbour Investments Inc. raised its stake in 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 buying an additional 121 shares during the last quarter. VisionPoint Advisory Group LLC grew its holdings in Targa Resources by 111.2% in 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 period. Quarry LP acquired a new stake in Targa Resources in the first quarter worth $33,000. Rational Advisors LLC acquired a new stake in Targa Resources in the third quarter worth $43,000. Finally, Huntington National Bank grew its holdings in 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 purchasing an additional 296 shares during the period. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Mizuho raised their price target on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, April 3rd. Scotiabank raised their price target on shares of Targa Resources from $112.00 to $128.00 and gave the stock a “sector outperform” rating in a report on Monday. Royal Bank of Canada raised their price target on shares of Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. The Goldman Sachs Group lifted their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Targa Resources presently has an average rating of “Buy” and an average target price of $116.82.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CAO Julie H. Boushka sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,966 shares of company stock valued at $7,987,215. Company insiders own 1.44% of the company’s stock.

Targa Resources Stock Down 0.3 %

Targa Resources stock opened at $114.34 on Tuesday. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $117.61. The stock has a market cap of $25.45 billion, a PE ratio of 31.16 and a beta of 2.21. The firm’s 50-day simple moving average is $103.80 and its 200 day simple moving average is $92.01. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.75 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a yield of 2.62%. Targa Resources’s payout ratio is currently 54.50%.

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. 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.