Targa Resources Corp. (NYSE:TRGP) is SL Advisors LLC’s 4th Largest Position

SL Advisors LLC lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 0.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,686 shares of the pipeline company’s stock after selling 100 shares during the quarter. Targa Resources comprises 7.0% of SL Advisors LLC’s portfolio, making the stock its 4th largest holding. SL Advisors LLC’s holdings in Targa Resources were worth $4,228,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. DT Investment Partners LLC purchased a new stake in Targa Resources during the third quarter valued at about $29,000. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources during the 2nd quarter valued at about $29,000. Prospera Private Wealth LLC bought a new position in Targa Resources during the 3rd quarter worth approximately $35,000. Huntington National Bank lifted its position in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after purchasing an additional 89 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its stake in shares of Targa Resources by 36.1% during the third quarter. Venturi Wealth Management LLC now owns 532 shares of the pipeline company’s stock valued at $79,000 after purchasing an additional 141 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at approximately $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 accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly 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. Company insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP traded up $1.47 during trading hours on Wednesday, reaching $189.29. 473,186 shares of the company traded hands, compared to its average volume of 1,250,255. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The stock has a market capitalization of $41.28 billion, a P/E ratio of 34.23, a P/E/G ratio of 0.73 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. The business has a fifty day moving average price of $187.61 and a 200-day moving average price of $159.92.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter last year, the business earned $0.97 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.58%. The ex-dividend date was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on TRGP shares. Bank of America began coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Truist Financial dropped their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. UBS Group raised their price target on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Morgan Stanley upped their price target on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Stifel Nicolaus raised their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $181.43.

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.