SL Advisors LLC Acquires 916 Shares of Targa Resources Corp. (NYSE:TRGP)

SL Advisors LLC raised its stake in Targa Resources Corp. (NYSE:TRGP) by 4.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,786 shares of the pipeline company’s stock after buying an additional 916 shares during the period. Targa Resources makes up about 6.3% of SL Advisors LLC’s investment portfolio, making the stock its 4th largest holding. SL Advisors LLC’s holdings in Targa Resources were worth $3,521,000 as of its most recent filing with the SEC.

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

Insiders Place Their Bets

In other Targa Resources news, 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 directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the firm’s 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 directly owns 29,603 shares of the company’s stock, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,534 shares of company stock worth $26,815,021 over the last 90 days. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on TRGP shares. Royal Bank of Canada lifted their price target on Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Barclays raised their price objective on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 3rd. The Goldman Sachs Group upped their target price on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Finally, Wells Fargo & Company boosted their price objective on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $141.77.

Targa Resources Stock Performance

TRGP opened at $158.40 on Wednesday. The stock has a 50-day moving average of $145.13 and a 200-day moving average of $129.19. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $159.72. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company has a market cap of $34.70 billion, a PE ratio of 32.59, a price-to-earnings-growth ratio of 1.25 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter in the prior year, the company earned $1.44 EPS. As a group, equities research analysts forecast that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

Targa Resources Company 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.