Fifth Third Wealth Advisors LLC Raises Holdings in Targa Resources Corp. (NYSE:TRGP)

Fifth Third Wealth Advisors LLC lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 40.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,086 shares of the pipeline company’s stock after buying an additional 886 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Targa Resources were worth $457,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TRGP. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC purchased a new position in Targa Resources in the 3rd quarter valued at approximately $29,000. UMB Bank n.a. increased its stake in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new position in Targa Resources in the 2nd quarter valued at approximately $44,000. Finally, EdgeRock Capital LLC purchased a new position in Targa Resources in the 2nd quarter valued at approximately $69,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $202.79 on Thursday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $205.20. The stock has a market capitalization of $44.22 billion, a P/E ratio of 36.67, a PEG ratio of 0.78 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The business’s fifty day moving average price is $165.80 and its 200 day moving average price is $142.40.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the firm earned $0.97 earnings per share. As a group, research analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.48%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock valued at $30,026,712 over the last three months. 1.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

TRGP has been the subject of several research analyst reports. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Stifel Nicolaus raised their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday. Royal Bank of Canada increased their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company increased their target price on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $176.50.

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.