Segment Wealth Management LLC Purchases 53,389 Shares of Targa Resources Corp. (NYSE:TRGP)

Segment Wealth Management LLC increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 2,753.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,328 shares of the pipeline company’s stock after purchasing an additional 53,389 shares during the period. Segment Wealth Management LLC’s holdings in Targa Resources were worth $9,876,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of TRGP. Buckley Wealth Management LLC boosted its stake in Targa Resources by 0.7% in the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after purchasing an additional 65 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after buying an additional 66 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its position in shares of Targa Resources by 9.8% during the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock worth $138,000 after acquiring an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC boosted its position in shares of Targa Resources by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares during the last quarter. Finally, Huntington National Bank grew its stake in Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 1.4 %

TRGP stock opened at $216.00 on Tuesday. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $217.02. The stock has a market capitalization of $47.10 billion, a price-to-earnings ratio of 39.06, a price-to-earnings-growth ratio of 0.64 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 firm’s fifty day simple moving average is $191.56 and its two-hundred day simple moving average is $163.93.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period in the prior year, the firm posted $0.97 EPS. As a group, analysts anticipate that Targa Resources Corp. will post 6.42 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Analyst Ratings Changes

TRGP has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. 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. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Truist Financial lowered their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $189.21.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated 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 completion of the sale, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.44% of the stock is owned by company insiders.

Targa Resources 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.