Pinnacle Financial Partners Inc Boosts Stock Position in Targa Resources Corp. (NYSE:TRGP)

Pinnacle Financial Partners Inc grew its holdings in Targa Resources Corp. (NYSE:TRGP) by 25.4% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,239 shares of the pipeline company’s stock after purchasing an additional 453 shares during the period. Pinnacle Financial Partners Inc’s holdings in Targa Resources were worth $331,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Aigen Investment Management LP purchased a new stake in Targa Resources in the 3rd quarter valued at about $528,000. Prime Capital Investment Advisors LLC lifted its holdings in shares of Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after buying an additional 84 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Targa Resources by 9.6% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 518,163 shares of the pipeline company’s stock worth $76,693,000 after buying an additional 45,590 shares in the last quarter. Entropy Technologies LP grew its position in shares of Targa Resources by 78.0% during the 3rd quarter. Entropy Technologies LP now owns 38,425 shares of the pipeline company’s stock worth $5,687,000 after buying an additional 16,836 shares in the last quarter. Finally, Buckingham Capital Management Inc. increased its stake in shares of Targa Resources by 2.8% during the third quarter. Buckingham Capital Management Inc. now owns 8,765 shares of the pipeline company’s stock valued at $1,297,000 after buying an additional 237 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of research reports. Truist Financial upped their price objective on shares of Targa Resources from $150.00 to $175.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price on the stock. Wells Fargo & Company increased their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Finally, Morgan Stanley increased their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus target price of $159.14.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on 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 owns 82,979 shares in the company, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 over the last 90 days. Insiders own 1.39% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $191.55 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50-day moving average of $161.69 and a two-hundred day moving average of $139.86. The stock has a market cap of $41.77 billion, a P/E ratio of 34.64, a P/E/G ratio of 0.77 and a beta of 2.24. Targa Resources Corp. has a one year low of $81.03 and a one year high of $197.14.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. As a group, research analysts predict that Targa Resources Corp. will post 6.19 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.57%. Targa Resources’s payout ratio is currently 54.25%.

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.