Legacy Financial Advisors Inc. Invests $667,000 in Targa Resources, Inc. $TRGP

Legacy Financial Advisors Inc. acquired a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,980 shares of the pipeline company’s stock, valued at approximately $667,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Norges Bank bought a new position in shares of Targa Resources in the second quarter worth about $708,366,000. Mitsubishi UFJ Trust & Banking Corp grew its holdings in shares of Targa Resources by 441.3% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock valued at $117,565,000 after purchasing an additional 550,591 shares during the last quarter. Franklin Resources Inc. increased its position in Targa Resources by 306.6% during the 2nd quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after purchasing an additional 453,460 shares in the last quarter. Vanguard Group Inc. increased its position in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company’s stock worth $4,755,169,000 after purchasing an additional 422,075 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its stake in Targa Resources by 290.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after purchasing an additional 374,768 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the transaction, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.34% of the company’s stock.

Targa Resources Stock Up 0.4%

Shares of NYSE:TRGP opened at $232.30 on Tuesday. The firm has a market cap of $49.93 billion, a P/E ratio of 27.04, a P/E/G ratio of 0.98 and a beta of 0.88. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $233.28. The business has a fifty day simple moving average of $195.48 and a 200 day simple moving average of $176.13. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The firm had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. Analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $1.00 per share. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is presently 46.57%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Scotiabank reaffirmed an “outperform” rating and set a $224.00 target price on shares of Targa Resources in a research note on Friday, January 16th. The Goldman Sachs Group reissued a “buy” rating and set a $242.00 price objective on shares of Targa Resources in a report on Friday. Stifel Nicolaus upped their target price on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday. Wells Fargo & Company increased their target price on Targa Resources from $207.00 to $248.00 and gave the company an “overweight” rating in a research report on Friday. Finally, Morgan Stanley restated an “overweight” rating and set a $266.00 price target on shares of Targa Resources in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $229.29.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.