Raymond James & Associates Buys 10,970 Shares of Targa Resources Corp. (NYSE:TRGP)

Raymond James & Associates boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 4.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 239,805 shares of the pipeline company’s stock after purchasing an additional 10,970 shares during the quarter. Raymond James & Associates owned about 0.11% of Targa Resources worth $35,494,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources during the second quarter valued at $29,000. UMB Bank n.a. raised its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new stake in Targa Resources during the second quarter valued at $44,000. Register Financial Advisors LLC purchased a new stake in Targa Resources during the first quarter valued at $45,000. Finally, Rogco LP purchased a new stake in Targa Resources during the first quarter valued at $56,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased 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. Barclays increased their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Bank of America assumed 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 on the stock. Scotiabank increased their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Finally, Argus raised 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. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $148.36.

Targa Resources Stock Up 0.4 %

Shares of Targa Resources stock opened at $165.83 on Thursday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $167.79. The firm’s 50-day moving average is $151.99 and its two-hundred day moving average is $133.31. The stock has a market cap of $36.77 billion, a price-to-earnings ratio of 34.12, a PEG ratio of 1.27 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same period in the prior year, the business earned $1.44 EPS. As a group, research analysts expect that Targa Resources Corp. will post 6 earnings per share 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. 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 1.81%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is 61.73%.

Insider Activity

In other news, insider Robert Muraro sold 2,500 shares of the firm’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 sale, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’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 sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now 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 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.

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.