Steel Grove Capital Advisors LLC Purchases 250 Shares of Targa Resources Corp. (NYSE:TRGP)

Steel Grove Capital Advisors LLC grew its position in Targa Resources Corp. (NYSE:TRGP) by 4.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,412 shares of the pipeline company’s stock after purchasing an additional 250 shares during the period. Steel Grove Capital Advisors LLC’s holdings in Targa Resources were worth $826,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of TRGP. Gryphon Financial Partners LLC raised its holdings in Targa Resources by 1.0% during the fourth quarter. Gryphon Financial Partners LLC now owns 64,245 shares of the pipeline company’s stock worth $5,557,000 after acquiring an additional 645 shares in the last quarter. Brown Advisory Inc. raised its holdings in Targa Resources by 20.2% during the fourth quarter. Brown Advisory Inc. now owns 4,066 shares of the pipeline company’s stock worth $353,000 after acquiring an additional 684 shares in the last quarter. PNC Financial Services Group Inc. increased its position in Targa Resources by 13.6% during the fourth quarter. PNC Financial Services Group Inc. now owns 17,405 shares of the pipeline company’s stock worth $1,512,000 after buying an additional 2,090 shares during the last quarter. Wells Fargo & Company MN increased its position in Targa Resources by 7.7% during the fourth quarter. Wells Fargo & Company MN now owns 252,689 shares of the pipeline company’s stock worth $21,951,000 after buying an additional 18,152 shares during the last quarter. Finally, Corient Private Wealth LLC increased its position in Targa Resources by 22.8% during the fourth quarter. Corient Private Wealth LLC now owns 32,431 shares of the pipeline company’s stock worth $2,817,000 after buying an additional 6,026 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.4 %

Shares of NYSE:TRGP opened at $152.83 on Monday. The company has a market capitalization of $33.89 billion, a P/E ratio of 31.45, a P/E/G ratio of 1.19 and a beta of 2.26. Targa Resources Corp. has a 1 year low of $77.97 and a 1 year high of $154.87. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The business’s 50 day simple moving average is $141.00 and its 200 day simple moving average is $125.59.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the prior year, the business posted $1.44 earnings per share. On average, research analysts anticipate that Targa Resources Corp. will post 5.89 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date was Wednesday, July 31st. Targa Resources’s dividend payout ratio is currently 61.73%.

Insider Buying and Selling

In related news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the sale, the insider now owns 29,603 shares of the company’s stock, valued at $4,027,784.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Targa Resources news, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $136.06, for a total transaction of $408,180.00. Following the completion of the sale, the insider now directly owns 29,603 shares in the company, valued at $4,027,784.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. The disclosure for this sale can be found here. Insiders have sold 35,534 shares of company stock valued at $4,788,590 over the last 90 days. 1.39% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. Wells Fargo & Company boosted their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. The Goldman Sachs Group boosted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank of Canada boosted their price target on Targa Resources from $147.00 to $153.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 13th. Finally, Scotiabank boosted their price target on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, July 17th. One analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Buy” and an average target price of $141.77.

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.