Advisor Resource Council Has $560,000 Stock Position in Targa Resources Corp. (NYSE:TRGP)

Advisor Resource Council reduced its position in Targa Resources Corp. (NYSE:TRGP) by 53.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,997 shares of the pipeline company’s stock after selling 5,772 shares during the period. Advisor Resource Council’s holdings in Targa Resources were worth $560,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Allspring Global Investments Holdings LLC grew its stake in shares of Targa Resources by 71.8% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock worth $114,758,000 after purchasing an additional 428,276 shares during the period. New Mexico Educational Retirement Board grew its stake in shares of Targa Resources by 287.3% during the first quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock worth $5,118,000 after purchasing an additional 33,900 shares during the period. Register Financial Advisors LLC acquired a new stake in shares of Targa Resources during the first quarter worth $45,000. Chesley Taft & Associates LLC acquired a new stake in shares of Targa Resources during the first quarter worth $250,000. Finally, Visionary Horizons LLC grew its stake in shares of Targa Resources by 13.7% during the first quarter. Visionary Horizons LLC now owns 5,382 shares of the pipeline company’s stock worth $617,000 after purchasing an additional 647 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 2.0 %

Shares of Targa Resources stock traded up $2.60 during trading on Thursday, reaching $133.60. The stock had a trading volume of 892,813 shares, compared to its average volume of 1,602,443. The company has a market capitalization of $29.62 billion, a price-to-earnings ratio of 27.49, a P/E/G ratio of 0.77 and a beta of 2.27. The stock has a fifty day moving average price of $119.03 and a two-hundred day moving average price of $104.96. Targa Resources Corp. has a 52 week low of $74.95 and a 52 week high of $133.78. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. Sell-side analysts predict that Targa Resources Corp. will post 5.27 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is presently 61.73%.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. Morgan Stanley boosted their target price on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. UBS Group boosted their target price on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. The Goldman Sachs Group boosted their target price on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. Wells Fargo & Company boosted their target price on Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. Finally, Mizuho boosted their target price on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. One investment analyst has rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $131.08.

Insider Buying and Selling

In related news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $130.31, for a total value of $1,290,069.00. Following the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 2,691 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares in the company, valued at approximately $6,466,764. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 52,691 shares of company stock worth $6,197,632. Corporate insiders own 1.44% of the company’s stock.

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.