Monetary Management Group Inc. Purchases New Shares in Targa Resources, Inc. $TRGP

Monetary Management Group Inc. purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,700 shares of the pipeline company’s stock, valued at approximately $498,000.

Other large investors also recently made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources during the fourth quarter valued at about $27,000. Olistico Wealth LLC bought a new stake in shares of Targa Resources during the 4th quarter worth $27,000. Leonteq Securities AG bought a new stake in shares of Targa Resources during the 4th quarter worth $31,000. Godfrey Financial Associates Inc. bought a new stake in shares of Targa Resources during the 4th quarter worth $37,000. Finally, Eagle Bay Advisors LLC bought a new stake in shares of Targa Resources during the 4th quarter worth $42,000. 92.13% of the stock is owned by institutional investors.

Insider Transactions at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated 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. The trade was a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on TRGP shares. Scotiabank lifted their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Barclays lifted their target price on Targa Resources from $255.00 to $262.00 and gave the stock an “overweight” rating in a research note on Thursday, May 14th. The Goldman Sachs Group lifted their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Morgan Stanley lifted their target price on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. Finally, UBS Group lifted their target price on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, March 24th. Fifteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.21.

Targa Resources Trading Up 0.1%

Shares of Targa Resources stock opened at $264.34 on Tuesday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00. The stock’s 50-day simple moving average is $253.74 and its 200 day simple moving average is $220.44. The stock has a market capitalization of $56.74 billion, a P/E ratio of 26.73, a P/E/G ratio of 1.35 and a beta of 0.72. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. As a group, research analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors 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 dividend on an annualized basis and a yield of 1.9%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

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.