Wedmont Private Capital Has $1.01 Million Holdings in Targa Resources Corp. (NYSE:TRGP)

Wedmont Private Capital decreased its position in Targa Resources Corp. (NYSE:TRGP) by 2.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 5,248 shares of the pipeline company’s stock after selling 127 shares during the period. Wedmont Private Capital’s holdings in Targa Resources were worth $1,014,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. MML Investors Services LLC lifted its holdings in shares of Targa Resources by 65.1% during the third quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after buying an additional 10,100 shares in the last quarter. Caxton Associates LP bought a new stake in shares of Targa Resources during the 2nd quarter valued at $2,323,000. Nordea Investment Management AB lifted its position in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after purchasing an additional 13,167 shares during the period. Braun Stacey Associates Inc. acquired a new stake in shares of Targa Resources during the 3rd quarter worth approximately $11,042,000. Finally, Metis Global Partners LLC raised its holdings in shares of Targa Resources by 12.7% during the 3rd quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock worth $3,784,000 after buying an additional 2,890 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Trading Up 2.0 %

TRGP opened at $197.26 on Tuesday. The stock has a market cap of $43.02 billion, a PE ratio of 35.67, a price-to-earnings-growth ratio of 0.73 and a beta of 2.30. 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 Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The company has a fifty day moving average of $189.74 and a 200-day moving average of $161.75.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share 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 firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period last year, the company posted $0.97 EPS. On average, sell-side analysts predict that Targa Resources Corp. will post 6.26 EPS for the current year.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated 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 directly owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.39% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research analyst reports. Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Barclays raised their target price on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday. UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Truist Financial reduced their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $189.21.

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.