Ibex Wealth Advisors Has $537,000 Stock Position in Targa Resources Corp. (NYSE:TRGP)

Ibex Wealth Advisors reduced its holdings in Targa Resources Corp. (NYSE:TRGP) by 87.4% in the 4th quarter, Holdings Channel reports. The fund owned 3,008 shares of the pipeline company’s stock after selling 20,957 shares during the period. Ibex Wealth Advisors’ holdings in Targa Resources were worth $537,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources during the second quarter worth approximately $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources in the 3rd quarter worth approximately $29,000. Prospera Private Wealth LLC purchased a new position in shares of Targa Resources during the 3rd quarter valued at $35,000. Rosenberg Matthew Hamilton increased its stake in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after acquiring an additional 89 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after acquiring an additional 106 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

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 on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’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 transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 18th. Barclays raised their target price on Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a report on Monday, January 13th. Finally, Bank of America began coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. One 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 company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $189.21.

Targa Resources Stock Performance

NYSE TRGP opened at $203.33 on Thursday. The company’s fifty day moving average is $193.44 and its two-hundred day moving average is $167.69. Targa Resources Corp. has a 52-week low of $84.33 and a 52-week high of $218.51. 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 market capitalization of $44.34 billion, a price-to-earnings ratio of 36.77, a P/E/G ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period last year, the business earned $0.97 earnings per share. Equities research analysts forecast that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

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.