IHT Wealth Management LLC Has $334,000 Position in Targa Resources Corp. (NYSE:TRGP)

IHT Wealth Management LLC increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 17.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,254 shares of the pipeline company’s stock after purchasing an additional 332 shares during the quarter. IHT Wealth Management LLC’s holdings in Targa Resources were worth $334,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in TRGP. Zurich Insurance Group Ltd FI acquired a new stake in Targa Resources in the second quarter valued at approximately $72,345,000. American Century Companies Inc. lifted its stake in shares of Targa Resources by 239.1% in the 2nd quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after purchasing an additional 271,444 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in Targa Resources by 599.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after buying an additional 246,762 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after buying an additional 202,822 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group upped their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Bank of America began coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. Wells Fargo & Company upped their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Morgan Stanley upped their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Truist Financial upped their price objective on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, November 15th. One investment 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $176.50.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $186.91 on Tuesday. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company has a market cap of $40.76 billion, a PE ratio of 33.80, a price-to-earnings-growth ratio of 0.77 and a beta of 2.28. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a fifty day moving average price of $179.56 and a two-hundred day moving average price of $150.78.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations 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 in the prior year, the company posted $0.97 EPS. Analysts expect that Targa Resources Corp. will post 6.26 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 183,260 shares of company stock worth $29,661,212 in the last quarter. 1.44% of the stock is owned by corporate insiders.

Targa Resources Company Profile

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.