MidWestOne Financial Group Inc. Boosts Position in Targa Resources Corp. (NYSE:TRGP)

MidWestOne Financial Group Inc. boosted its position in shares of Targa Resources Corp. (NYSE:TRGP) by 9.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,167 shares of the pipeline company’s stock after acquiring an additional 263 shares during the quarter. MidWestOne Financial Group Inc.’s holdings in Targa Resources were worth $469,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL bought a new stake in Targa Resources during the second quarter valued at about $29,000. DT Investment Partners LLC bought a new stake in Targa Resources during the third quarter valued at about $29,000. UMB Bank n.a. grew its holdings in Targa Resources by 2,220.0% during the second 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 during the period. Prospera Private Wealth LLC bought a new stake in Targa Resources during the third quarter valued at about $35,000. Finally, Whittier Trust Co. bought a new stake in Targa Resources during the second quarter valued at about $44,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on TRGP shares. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Stifel Nicolaus upped their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. The Goldman Sachs Group upped their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Royal Bank of Canada boosted their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $176.50.

Targa Resources Stock Down 0.9 %

Shares of NYSE:TRGP opened at $185.34 on Wednesday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $209.87. The stock has a market cap of $40.42 billion, a P/E ratio of 33.52, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. The business’s 50 day moving average is $179.56 and its 200 day moving average is $150.78. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the firm earned $0.97 earnings per share. Sell-side analysts predict that Targa Resources Corp. will post 6.26 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.62%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock valued at $29,661,212 in the last quarter. 1.44% of the stock is currently owned by corporate insiders.

Targa Resources 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.