Sanctuary Advisors LLC Buys New Position in Targa Resources Corp. (NYSE:TRGP)

Sanctuary Advisors LLC purchased a new position in shares of Targa Resources Corp. (NYSE:TRGP) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 15,470 shares of the pipeline company’s stock, valued at approximately $1,992,000.

Several other institutional investors also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL purchased a new position in Targa Resources during the 2nd quarter worth $29,000. UMB Bank n.a. grew its holdings in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new position in Targa Resources in the 2nd quarter valued at about $44,000. Register Financial Advisors LLC purchased a new stake in Targa Resources during the 1st quarter valued at approximately $45,000. Finally, Quarry LP purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $50,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on TRGP shares. UBS Group upped their price target on Targa Resources from $116.00 to $147.00 and gave the stock a “buy” rating in a research note on Tuesday, June 11th. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Barclays boosted their price target on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Twelve equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average target price of $141.77.

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 shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction on 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 transaction, the director now owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 175,534 shares of company stock worth $26,815,021. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $158.40 on Wednesday. The company has a 50-day moving average of $145.13 and a two-hundred day moving average of $129.19. The stock has a market cap of $34.70 billion, a P/E ratio of 32.59, a PEG ratio of 1.25 and a beta of 2.25. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $159.72. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the company earned $1.44 EPS. As a group, research analysts predict that Targa Resources Corp. will post 5.9 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

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.