U.S. Capital Wealth Advisors LLC Reduces Stock Position in Targa Resources Corp. (NYSE:TRGP)

U.S. Capital Wealth Advisors LLC trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 9.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 26,743 shares of the pipeline company’s stock after selling 2,882 shares during the quarter. U.S. Capital Wealth Advisors LLC’s holdings in Targa Resources were worth $3,958,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Chesley Taft & Associates LLC purchased a new position in Targa Resources during the 1st quarter worth approximately $250,000. Register Financial Advisors LLC acquired a new position in Targa Resources during the first quarter valued at $45,000. New Mexico Educational Retirement Board boosted its holdings in Targa Resources by 287.3% in the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after purchasing an additional 33,900 shares during the last quarter. RBA Wealth Management LLC grew its position in Targa Resources by 2.8% during the 1st quarter. RBA Wealth Management LLC now owns 26,302 shares of the pipeline company’s stock worth $2,946,000 after purchasing an additional 721 shares during the period. Finally, Mezzasalma Advisors LLC raised its stake in shares of Targa Resources by 338.6% during the 1st quarter. Mezzasalma Advisors LLC now owns 11,395 shares of the pipeline company’s stock valued at $1,276,000 after buying an additional 8,797 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent research reports. Truist Financial upped their target price on Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their price target on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Scotiabank lifted their price objective on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. Finally, Barclays increased their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $148.36.

Targa Resources Price Performance

TRGP stock opened at $165.83 on Thursday. Targa Resources Corp. has a 52-week low of $81.03 and a 52-week high of $167.79. The business has a fifty day moving average of $151.99 and a two-hundred day moving average of $133.31. The stock has a market cap of $36.77 billion, a price-to-earnings ratio of 34.12, a price-to-earnings-growth ratio of 1.27 and a beta of 2.25. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the previous year, the firm earned $1.44 EPS. As a group, research analysts anticipate that Targa Resources Corp. will post 6 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.81%. Targa Resources’s payout ratio is currently 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the company’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Julie H. Boushka sold 1,213 shares of the firm’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 175,534 shares of company stock worth $26,815,021. Insiders own 1.39% of the company’s stock.

About Targa Resources

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.