Avantax Advisory Services Inc. Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

Avantax Advisory Services Inc. decreased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 10.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 8,521 shares of the pipeline company’s stock after selling 1,043 shares during the period. Avantax Advisory Services Inc.’s holdings in Targa Resources were worth $954,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of TRGP. Spire Wealth Management boosted its position in Targa Resources by 2,400.0% during the 1st quarter. Spire Wealth Management now owns 275 shares of the pipeline company’s stock valued at $31,000 after acquiring an additional 264 shares in the last quarter. Addison Advisors LLC purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $27,000. Register Financial Advisors LLC bought a new stake in shares of Targa Resources during the first quarter valued at approximately $45,000. EdgeRock Capital LLC purchased a new stake in Targa Resources in the fourth quarter worth $42,000. Finally, Delos Wealth Advisors LLC bought a new position in Targa Resources in the fourth quarter worth $43,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on TRGP shares. Truist Financial boosted their target price on shares of Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a report on Monday, June 10th. Wells Fargo & Company upped their price target on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Argus assumed coverage on Targa Resources in a research note on Wednesday, June 26th. They set a “buy” rating and a $140.00 price objective for the company. Royal Bank of Canada increased their target price on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a research note on Thursday, May 16th. Finally, Scotiabank raised their price target on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $132.15.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $136.20 on Friday. The business has a 50-day simple moving average of $123.36 and a two-hundred day simple moving average of $108.44. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The firm has a market cap of $30.20 billion, a price-to-earnings ratio of 28.02, a price-to-earnings-growth ratio of 0.77 and a beta of 2.27. Targa Resources Corp. has a fifty-two week low of $77.97 and a fifty-two week high of $136.73.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $4.28 billion. On average, analysts expect that Targa Resources Corp. will post 5.38 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 2.20%. Targa Resources’s payout ratio is 61.73%.

Insider Transactions at Targa Resources

In related news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction on 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 completion of the sale, the insider now owns 186,951 shares in the company, valued at $24,361,584.81. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Robert Muraro sold 9,900 shares of the business’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the sale, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 transaction of $304,083.00. Following the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The disclosure for this sale can be found here. Insiders have sold a total of 52,691 shares of company stock worth $6,197,632 in the last ninety days. Insiders own 1.39% of the company’s stock.

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.