First Citizens Bank & Trust Co. Buys New Shares in Targa Resources Corp. (NYSE:TRGP)

First Citizens Bank & Trust Co. purchased a new position in Targa Resources Corp. (NYSE:TRGP) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,157 shares of the pipeline company’s stock, valued at approximately $207,000.

Several other institutional investors have also recently made changes to their positions in the stock. Thrivent Financial for Lutherans increased its holdings in Targa Resources by 2.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock worth $1,202,000 after acquiring an additional 245 shares in the last quarter. AXA S.A. increased its stake in shares of Targa Resources by 3.9% in the second quarter. AXA S.A. now owns 11,188 shares of the pipeline company’s stock worth $1,441,000 after purchasing an additional 416 shares in the last quarter. APG Asset Management N.V. bought a new stake in shares of Targa Resources during the 2nd quarter valued at $1,511,000. Algert Global LLC raised its position in shares of Targa Resources by 123.0% during the 2nd quarter. Algert Global LLC now owns 4,147 shares of the pipeline company’s stock valued at $534,000 after purchasing an additional 2,287 shares during the period. Finally, Creative Planning boosted its holdings in Targa Resources by 15.5% in the 2nd quarter. Creative Planning now owns 37,237 shares of the pipeline company’s stock worth $4,795,000 after buying an additional 4,993 shares during the period. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the topic of a number of recent analyst reports. Morgan Stanley raised their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. 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 upped their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Truist Financial reduced their price objective on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Finally, Scotiabank started coverage on shares of Targa Resources in a research note on Friday, January 10th. They set a “sector outperform” rating and a $218.00 target price for the company. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $189.21.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The transaction 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 stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $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. Insiders own 1.39% of the company’s stock.

Targa Resources Trading Up 1.7 %

TRGP opened at $202.55 on Wednesday. The stock has a 50-day moving average of $193.47 and a 200 day moving average of $167.22. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12 month low of $84.33 and a 12 month high of $218.51. The firm has a market cap of $44.17 billion, a P/E ratio of 36.63, a P/E/G ratio of 0.63 and a beta of 2.30.

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

Targa Resources Announces Dividend

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

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.