Legacy Financial Advisors Inc. Acquires Shares of 3,980 Targa Resources, Inc. $TRGP

Legacy Financial Advisors Inc. acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,980 shares of the pipeline company’s stock, valued at approximately $667,000.

A number of other hedge funds also recently modified their holdings of TRGP. Woodline Partners LP raised its holdings in Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after acquiring an additional 5,327 shares during the period. Focus Partners Wealth grew its position in shares of Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares during the last quarter. D.A. Davidson & CO. increased its stake in shares of Targa Resources by 6.7% during the second quarter. D.A. Davidson & CO. now owns 4,555 shares of the pipeline company’s stock worth $793,000 after purchasing an additional 288 shares during the period. Asset Management One Co. Ltd. increased its stake in shares of Targa Resources by 7.5% during the second quarter. Asset Management One Co. Ltd. now owns 89,165 shares of the pipeline company’s stock worth $15,522,000 after purchasing an additional 6,183 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Targa Resources by 0.3% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,607 shares of the pipeline company’s stock worth $89,235,000 after purchasing an additional 1,489 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on TRGP. Stifel Nicolaus upped their price objective on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a report on Friday. UBS Group reissued a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. TD Cowen raised their price target on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research report on Monday. Finally, Scotiabank reiterated an “outperform” rating and issued a $224.00 price objective on shares of Targa Resources in a research note on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $229.29.

Insider Activity

In related news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Stock Performance

TRGP opened at $232.30 on Tuesday. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $233.28. The firm has a market cap of $49.93 billion, a P/E ratio of 27.04, a price-to-earnings-growth ratio of 0.98 and a beta of 0.88. The business’s fifty day moving average is $195.48 and its 200-day moving average is $176.13.

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

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio is 46.57%.

Targa Resources Profile

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.