Cwm LLC Acquires 359 Shares of Targa Resources Corp. (NYSE:TRGP)

Cwm LLC lifted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 7.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,358 shares of the pipeline company’s stock after purchasing an additional 359 shares during the period. Cwm LLC’s holdings in Targa Resources were worth $793,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the 2nd quarter worth approximately $29,000. UMB Bank n.a. raised 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 worth $30,000 after buying an additional 222 shares during the period. Whittier Trust Co. acquired a new position in Targa Resources during the 2nd quarter worth approximately $44,000. Register Financial Advisors LLC acquired a new position in Targa Resources during the 1st quarter worth approximately $45,000. Finally, Rogco LP acquired a new position in Targa Resources during the 1st quarter worth approximately $56,000. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Julie H. Boushka sold 12,641 shares of the stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $134.50, for a total value of $1,700,214.50. Following the transaction, the chief accounting officer now directly owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,534 shares of company stock valued at $26,815,021. Company insiders own 1.44% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $162.75 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company has a market capitalization of $35.66 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 1.32 and a beta of 2.25. The stock has a 50 day moving average of $150.42 and a 200 day moving average of $132.16. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $167.79.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The company had revenue of $3.56 billion during 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 period last year, the business posted $1.44 earnings per share. As a group, sell-side analysts forecast that Targa Resources Corp. will post 5.9 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 63.16%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TRGP. Wells Fargo & Company upped their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price objective on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Truist Financial increased their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Argus raised Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $148.36.

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.