Park Avenue Securities LLC Has $557,000 Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Park Avenue Securities LLC boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 90.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,119 shares of the pipeline company’s stock after buying an additional 1,481 shares during the period. Park Avenue Securities LLC’s holdings in Targa Resources were worth $557,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Thrivent Financial for Lutherans increased its holdings in shares of Targa Resources by 2.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock valued at $1,202,000 after purchasing an additional 245 shares during the period. EverSource Wealth Advisors LLC grew its position in Targa Resources by 31.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,287 shares of the pipeline company’s stock valued at $174,000 after purchasing an additional 310 shares in the last quarter. Public Sector Pension Investment Board increased its stake in Targa Resources by 4.3% in the 2nd quarter. Public Sector Pension Investment Board now owns 38,494 shares of the pipeline company’s stock valued at $4,957,000 after buying an additional 1,585 shares during the period. Evergreen Capital Management LLC purchased a new stake in Targa Resources in the 2nd quarter worth approximately $243,000. Finally, Bank of Montreal Can boosted its stake in shares of Targa Resources by 1.3% during the 2nd quarter. Bank of Montreal Can now owns 342,717 shares of the pipeline company’s stock valued at $44,509,000 after buying an additional 4,234 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research reports. Barclays upped their price target on shares of Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Morgan Stanley raised their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Truist Financial lowered their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Finally, UBS Group lifted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Performance

NYSE:TRGP opened at $211.58 on Friday. The firm has a market capitalization of $46.14 billion, a PE ratio of 38.26, a PEG ratio of 0.65 and a beta of 2.30. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $83.35 and a 1 year high of $218.51. The firm’s fifty day simple moving average is $192.80 and its 200 day simple moving average is $165.43.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the business posted $0.97 earnings per share. On average, sell-side analysts anticipate that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.42%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by company insiders.

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.