Targa Resources, Inc. $TRGP Stock Holdings Lifted by NewEdge Wealth LLC

NewEdge Wealth LLC lifted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 31.0% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 14,122 shares of the pipeline company’s stock after buying an additional 3,338 shares during the quarter. NewEdge Wealth LLC’s holdings in Targa Resources were worth $2,606,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Wellington Management Group LLP lifted its position in Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources during the 3rd quarter valued at $121,426,000. Vanguard Group Inc. raised its stake 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 valued at $4,755,169,000 after acquiring an additional 422,075 shares in the last quarter. Merewether Investment Management LP raised its position in shares of Targa Resources by 52.9% during the 2nd quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company’s stock worth $172,789,000 after buying an additional 343,319 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its position in shares of Targa Resources by 107.1% during the 3rd quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company’s stock worth $98,628,000 after buying an additional 304,426 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of the company’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider directly owned 31,938 shares in the company, valued at $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of the company’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director owned 11,670 shares in the company, valued at $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 104,929 shares of company stock valued at $24,692,134. 1.37% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on TRGP. Royal Bank Of Canada reissued an “outperform” rating and issued a $281.00 price objective on shares of Targa Resources in a research note on Tuesday. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Scotiabank boosted their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday. UBS Group boosted their target price on shares of Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Fourteen equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $265.86.

Targa Resources Stock Performance

NYSE:TRGP opened at $255.26 on Wednesday. The firm’s 50-day moving average is $243.27 and its 200-day moving average is $206.36. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $261.95. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a market cap of $54.79 billion, a price-to-earnings ratio of 25.81, a PEG ratio of 1.64 and a beta of 0.75.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Equities research analysts anticipate that Targa Resources, Inc. will post 10.32 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Investors of record on Thursday, April 30th will be paid a $1.25 dividend. The ex-dividend date of this dividend is Thursday, April 30th. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a yield of 2.0%. Targa Resources’s payout ratio is presently 50.56%.

Targa Resources Company Profile

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.