Beese Fulmer Investment Management Inc. Makes New $529,000 Investment in Targa Resources, Inc. $TRGP

Beese Fulmer Investment Management Inc. acquired a new position in Targa Resources, Inc. (NYSE:TRGP) in the 4th quarter, Holdings Channel reports. The institutional investor acquired 2,866 shares of the pipeline company’s stock, valued at approximately $529,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. First Horizon Corp lifted its position in shares of Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after acquiring an additional 57 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Targa Resources by 4.1% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock worth $253,000 after acquiring an additional 60 shares in the last quarter. Equitable Holdings Inc. raised its position in Targa Resources by 3.6% during the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock valued at $287,000 after acquiring an additional 60 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in Targa Resources by 1.3% during the third quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company’s stock valued at $845,000 after acquiring an additional 64 shares in the last quarter. Finally, State of Wyoming raised its holdings in Targa Resources by 3.2% during the second quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock valued at $361,000 after buying an additional 64 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Trading Up 0.0%

Shares of Targa Resources stock opened at $272.04 on Monday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $273.11. The firm has a market capitalization of $58.39 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 1.70 and a beta of 0.75. The company’s fifty day moving average price is $244.80 and its two-hundred day moving average price is $208.75. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, analysts expect that Targa Resources, Inc. will post 10.66 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is currently 50.56%.

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Lindsey Cooksen sold 435 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares in the company, valued at approximately $2,704,172.40. The trade was a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 115,531 shares of company stock worth $27,405,821. Insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. BMO Capital Markets reissued an “outperform” rating and issued a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Scotiabank boosted their price target on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Truist Financial boosted their price target on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday, May 12th. Morgan Stanley boosted their price target on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a research note on Tuesday, May 12th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $266.36.

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.