Altus Wealth Group LLC Invests $224,000 in Targa Resources Corp. (NYSE:TRGP)

Altus Wealth Group LLC acquired a new stake in Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 1,254 shares of the pipeline company’s stock, valued at approximately $224,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Ninepoint Partners LP raised its position in shares of Targa Resources by 5.8% during the 4th quarter. Ninepoint Partners LP now owns 7,691 shares of the pipeline company’s stock valued at $1,373,000 after acquiring an additional 423 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Targa Resources by 15.0% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 1,927 shares of the pipeline company’s stock worth $344,000 after purchasing an additional 251 shares during the period. Natixis Advisors LLC increased its holdings in Targa Resources by 19.0% in the fourth quarter. Natixis Advisors LLC now owns 54,518 shares of the pipeline company’s stock valued at $9,731,000 after purchasing an additional 8,700 shares during the last quarter. Atala Financial Inc acquired a new position in Targa Resources in the fourth quarter valued at about $31,000. Finally, LBP AM SA bought a new position in Targa Resources during the fourth quarter worth about $6,545,000. 92.13% of the stock is owned by institutional investors.

Insider Transactions at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 in the last 90 days. Corporate insiders own 1.44% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of analyst reports. Barclays increased their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. 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. Mizuho boosted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Scotiabank reduced their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Finally, Citigroup boosted their target price on Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $206.43.

Targa Resources Price Performance

NYSE TRGP opened at $190.13 on Friday. The firm’s 50 day moving average is $199.06 and its 200-day moving average is $181.34. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market capitalization of $41.47 billion, a PE ratio of 33.12, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 12-month low of $106.04 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.58%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

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.