Icon Wealth Advisors LLC Sells 4,073 Shares of Targa Resources Corp. (NYSE:TRGP)

Icon Wealth Advisors LLC reduced its stake in Targa Resources Corp. (NYSE:TRGP) by 30.2% during the 3rd quarter, Holdings Channel reports. The firm owned 9,430 shares of the pipeline company’s stock after selling 4,073 shares during the period. Icon Wealth Advisors LLC’s holdings in Targa Resources were worth $1,396,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the second quarter valued at approximately $29,000. DT Investment Partners LLC bought a new position in shares of Targa Resources during the third quarter worth $29,000. UMB Bank n.a. grew its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the period. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter worth $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

TRGP has been the subject of a number of research analyst reports. Bank of America assumed coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Royal Bank of Canada boosted their price objective on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. The Goldman Sachs Group raised their target price on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Morgan Stanley increased their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Barclays boosted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $176.50.

Targa Resources Trading Down 0.2 %

Shares of NYSE:TRGP opened at $207.34 on Friday. The company’s 50-day moving average price is $168.18 and its two-hundred day moving average price is $143.27. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87. 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 stock has a market capitalization of $45.21 billion, a PE ratio of 37.49, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the company posted $0.97 earnings per share. On average, equities analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s 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.