International Assets Investment Management LLC Grows Position in Targa Resources Corp. (NYSE:TRGP)

International Assets Investment Management LLC raised its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 14,163.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 204,254 shares of the pipeline company’s stock after acquiring an additional 202,822 shares during the period. International Assets Investment Management LLC owned approximately 0.09% of Targa Resources worth $30,232,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares during the period. Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $44,000. Rogco LP acquired a new position in shares of Targa Resources in the 1st quarter valued at $56,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at $69,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Targa Resources stock opened at $164.69 on Tuesday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $169.92. The firm has a market capitalization of $36.08 billion, a price-to-earnings ratio of 34.67, a PEG ratio of 1.29 and a beta of 2.25. The company has a fifty day simple moving average of $153.38 and a 200-day simple moving average of $134.52. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last released its 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. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the firm earned $1.44 earnings per share. On average, equities analysts anticipate that Targa Resources Corp. will post 5.92 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

Insider Transactions at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Robert Muraro sold 2,500 shares of the company’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 completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joe Bob Perkins sold 150,000 shares of the company’s 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 of the company’s stock, valued at $17,181,399.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 175,534 shares of company stock valued at $26,815,021 over the last 90 days. 1.44% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms recently issued reports on TRGP. Morgan Stanley boosted their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Bank of America began coverage on shares of Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Truist Financial boosted their target price on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus price target of $152.79.

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.