50,603 Shares in Targa Resources, Inc. $TRGP Purchased by NFC Investments LLC

NFC Investments LLC bought a new position in Targa Resources, Inc. (NYSE:TRGP) during the third quarter, Holdings Channel reports. The institutional investor bought 50,603 shares of the pipeline company’s stock, valued at approximately $8,478,000. Targa Resources comprises about 2.5% of NFC Investments LLC’s portfolio, making the stock its 14th largest position.

Several other institutional investors also recently made changes to their positions in TRGP. Peoples Financial Services CORP. bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $34,000. Root Financial Partners LLC acquired a new stake in Targa Resources in the third quarter worth $39,000. Avion Wealth lifted its stake in Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares during the last quarter. First Horizon Corp acquired a new position in shares of Targa Resources during the third quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Targa Resources during the second quarter valued at $53,000. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of analyst reports. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Wells Fargo & Company raised their price target on shares of Targa Resources from $207.00 to $248.00 and gave the company an “overweight” rating in a research note on Friday, February 20th. Citigroup boosted their price objective on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research report on Tuesday, February 24th. Stifel Nicolaus increased their price objective on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and set a $242.00 target price on shares of Targa Resources in a research note on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $240.79.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the transaction, the insider directly owned 31,938 shares of the company’s stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the business’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider owned 305,163 shares in the company, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 83,090 shares of company stock valued at $19,256,152. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Trading Down 0.3%

Targa Resources stock opened at $243.28 on Thursday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $250.00. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The stock has a market capitalization of $52.29 billion, a PE ratio of 28.32, a price-to-earnings-growth ratio of 1.05 and a beta of 0.84. The firm has a 50 day simple moving average of $203.26 and a 200-day simple moving average of $179.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.6%. Targa Resources’s dividend payout ratio (DPR) is currently 46.57%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.