SVB Wealth LLC Takes $303,000 Position in Targa Resources Corp. (NYSE:TRGP)

SVB Wealth LLC acquired a new stake in shares of Targa Resources Corp. (NYSE:TRGP) during the 4th quarter, Holdings Channel reports. The firm acquired 1,696 shares of the pipeline company’s stock, valued at approximately $303,000.

Several other institutional investors have also recently made changes to their positions in the stock. Fusion Capital LLC acquired a new position in shares of Targa Resources during the fourth quarter valued at about $238,000. QRG Capital Management Inc. raised its holdings in shares of Targa Resources by 5.3% during the fourth quarter. QRG Capital Management Inc. now owns 8,512 shares of the pipeline company’s stock valued at $1,519,000 after purchasing an additional 426 shares during the period. Proficio Capital Partners LLC acquired a new position in shares of Targa Resources during the fourth quarter valued at about $41,222,000. Oppenheimer Asset Management Inc. raised its holdings in shares of Targa Resources by 5.8% in the 4th quarter. Oppenheimer Asset Management Inc. now owns 10,023 shares of the pipeline company’s stock worth $1,789,000 after acquiring an additional 552 shares during the last quarter. Finally, NewEdge Wealth LLC raised its holdings in shares of Targa Resources by 6.5% in the 4th quarter. NewEdge Wealth LLC now owns 9,611 shares of the pipeline company’s stock worth $1,716,000 after acquiring an additional 583 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 equities research analysts recently weighed in on the stock. Mizuho upped their target price on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. UBS Group upped their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Truist Financial lowered their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Wells Fargo & Company upped their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $207.00.

Insider Activity

In related news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This trade represents a 29.88 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last three months. Company insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 1.8 %

Shares of TRGP stock opened at $186.67 on Thursday. Targa Resources Corp. has a 52-week low of $103.04 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company has a 50-day simple moving average of $198.60 and a two-hundred day simple moving average of $179.41. The company has a market capitalization of $40.71 billion, a price-to-earnings ratio of 32.52, a PEG ratio of 0.61 and a beta of 2.29.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Research analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.