Merit Financial Group LLC Buys New Position in Targa Resources Corp. (NYSE:TRGP)

Merit Financial Group LLC purchased a new position in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 1,209 shares of the pipeline company’s stock, valued at approximately $216,000.

A number of other institutional investors have also recently made changes to their positions in TRGP. DT Investment Partners LLC bought a new stake in Targa Resources during the third quarter worth about $29,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the 2nd quarter valued at about $29,000. Prospera Private Wealth LLC bought a new stake in Targa Resources in the 3rd quarter worth approximately $35,000. Rosenberg Matthew Hamilton lifted its position in Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after buying an additional 89 shares during the last quarter. Finally, Huntington National Bank boosted its stake in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after buying an additional 89 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Stifel Nicolaus boosted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Bank of America started coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. UBS Group lifted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Truist Financial dropped their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $189.21.

Targa Resources Stock Down 1.1 %

Targa Resources stock opened at $209.10 on Monday. Targa Resources Corp. has a 1-year low of $84.00 and a 1-year high of $218.51. The business has a fifty day moving average price of $193.46 and a 200-day moving average price of $166.52. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a market capitalization of $45.60 billion, a price-to-earnings ratio of 37.81, a PEG ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the company posted $0.97 earnings per share. Equities research analysts forecast that Targa Resources Corp. will post 6.42 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the transaction, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is owned by insiders.

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.