Heritage Wealth Management Inc. Texas Sells 6,217 Shares of Targa Resources Corp. (NYSE:TRGP)

Heritage Wealth Management Inc. Texas cut its position in Targa Resources Corp. (NYSE:TRGP) by 49.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,367 shares of the pipeline company’s stock after selling 6,217 shares during the period. Targa Resources comprises about 0.7% of Heritage Wealth Management Inc. Texas’ portfolio, making the stock its 14th largest position. Heritage Wealth Management Inc. Texas’ holdings in Targa Resources were worth $1,137,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in TRGP. Sustainable Insight Capital Management LLC bought a new position in Targa Resources in the fourth quarter valued at approximately $339,000. Mutual Advisors LLC bought a new position in Targa Resources during the 4th quarter worth about $269,000. Janney Montgomery Scott LLC boosted its position in shares of Targa Resources by 7.4% during the fourth quarter. Janney Montgomery Scott LLC now owns 48,289 shares of the pipeline company’s stock worth $8,620,000 after buying an additional 3,327 shares during the period. Advisory Alpha LLC grew its holdings in shares of Targa Resources by 8.0% during the fourth quarter. Advisory Alpha LLC now owns 3,520 shares of the pipeline company’s stock worth $628,000 after buying an additional 260 shares in the last quarter. Finally, Simon Quick Advisors LLC acquired a new stake in Targa Resources in the 4th quarter valued at approximately $257,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TRGP shares. Scotiabank initiated coverage on Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target for the company. Truist Financial lowered their price target on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Royal Bank of Canada increased their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Morgan Stanley lifted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Stifel Nicolaus raised their price target on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. One equities 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. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average target price of $189.21.

Insider Activity

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

Targa Resources Trading Up 0.1 %

Shares of NYSE:TRGP opened at $211.58 on Friday. The stock has a market cap of $46.14 billion, a PE ratio of 38.26, a P/E/G ratio of 0.63 and a beta of 2.30. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $83.35 and a 12-month high of $218.51. The business has a 50 day moving average of $192.80 and a 200-day moving average of $165.43.

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

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a dividend of $0.75 per share. The ex-dividend date is Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.42%. Targa Resources’s payout ratio is presently 54.25%.

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.