PCG Wealth Advisors LLC Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

PCG Wealth Advisors LLC bought a new stake in Targa Resources Corp. (NYSE:TRGP) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,210 shares of the pipeline company’s stock, valued at approximately $216,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Curated Wealth Partners LLC purchased a new stake in shares of Targa Resources in the fourth quarter worth about $584,000. Sustainable Insight Capital Management LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $339,000. Mutual Advisors LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $269,000. Janney Montgomery Scott LLC raised its position in shares of Targa Resources by 7.4% during the 4th quarter. Janney Montgomery Scott LLC now owns 48,289 shares of the pipeline company’s stock worth $8,620,000 after purchasing an additional 3,327 shares during the period. Finally, Advisory Alpha LLC raised its position in shares of Targa Resources by 8.0% during the 4th quarter. Advisory Alpha LLC now owns 3,520 shares of the pipeline company’s stock worth $628,000 after purchasing an additional 260 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 1.1 %

TRGP stock opened at $209.10 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The business’s 50-day simple moving average is $193.20 and its 200 day simple moving average is $165.75. The company has a market cap of $45.60 billion, a PE ratio of 37.81, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30. Targa Resources Corp. has a twelve month low of $84.00 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the business earned $0.97 earnings per share. On average, research analysts anticipate that Targa Resources Corp. will post 6.42 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, February 14th. Shareholders 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 yield of 1.43%. The ex-dividend date is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.

Insider Activity

In related news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the business’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 completion of the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $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 currently owned by corporate insiders.

Analysts Set New Price Targets

A number of analysts have recently weighed in on TRGP shares. Royal Bank of Canada increased their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Bank of America assumed coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Wells Fargo & Company raised their target price on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Truist Financial lowered their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and a consensus target price of $189.21.

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.