NewEdge Wealth LLC Increases Holdings in Targa Resources, Inc. $TRGP

NewEdge Wealth LLC boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 31.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,122 shares of the pipeline company’s stock after buying an additional 3,338 shares during the period. NewEdge Wealth LLC’s holdings in Targa Resources were worth $2,606,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. International Assets Investment Management LLC purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $205,000. Generali Asset Management SPA SGR raised its holdings in Targa Resources by 2.7% in the 4th quarter. Generali Asset Management SPA SGR now owns 30,824 shares of the pipeline company’s stock worth $5,687,000 after purchasing an additional 814 shares during the period. MGO One Seven LLC acquired a new position in Targa Resources in the 4th quarter worth about $300,000. Crestwood Advisors Group LLC acquired a new position in Targa Resources during the fourth quarter worth $204,000. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Targa Resources by 28.6% during the fourth quarter. Sequoia Financial Advisors LLC now owns 8,449 shares of the pipeline company’s stock valued at $1,559,000 after acquiring an additional 1,878 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on TRGP shares. Truist Financial upped their price objective on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research note on Tuesday. Citigroup increased their price target on Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Barclays raised their price objective on shares of Targa Resources from $226.00 to $255.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. Scotiabank raised their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, The Goldman Sachs Group raised 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. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average price target of $265.86.

Targa Resources Stock Performance

Shares of TRGP opened at $255.26 on Wednesday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $261.95. The company has a market capitalization of $54.79 billion, a PE ratio of 25.81, a P/E/G ratio of 1.64 and a beta of 0.75. The company has a 50-day simple moving average of $243.27 and a 200-day simple moving average of $206.36. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last posted its earnings results 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). The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Equities research analysts predict that Targa Resources, Inc. will post 10.32 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Thursday, April 30th will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 2.0%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend is Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Insider Activity

In other news, insider D. Scott Pryor sold 17,500 shares of the company’s stock in a transaction dated Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares of the company’s stock, valued at $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 value of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares of the company’s stock, valued at $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. Insiders have sold 104,929 shares of company stock valued at $24,692,134 in the last 90 days. 1.37% of the stock is owned by corporate insiders.

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.