Cetera Investment Advisers Purchases 1,475 Shares of Targa Resources Corp. (NYSE:TRGP)

Cetera Investment Advisers grew its position in Targa Resources Corp. (NYSE:TRGP) by 4.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 35,400 shares of the pipeline company’s stock after acquiring an additional 1,475 shares during the quarter. Cetera Investment Advisers’ holdings in Targa Resources were worth $6,319,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Capital Investment Advisors LLC boosted its holdings in shares of Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after buying an additional 5,431 shares in the last quarter. Atomi Financial Group Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at about $271,000. Segment Wealth Management LLC boosted its holdings in shares of Targa Resources by 2,753.4% in the 4th quarter. Segment Wealth Management LLC now owns 55,328 shares of the pipeline company’s stock valued at $9,876,000 after buying an additional 53,389 shares in the last quarter. Czech National Bank boosted its holdings in shares of Targa Resources by 5.9% in the 4th quarter. Czech National Bank now owns 47,281 shares of the pipeline company’s stock valued at $8,440,000 after buying an additional 2,653 shares in the last quarter. Finally, Affinity Wealth Management LLC boosted its stake in Targa Resources by 117.4% in the 4th quarter. Affinity Wealth Management LLC now owns 5,341 shares of the pipeline company’s stock worth $953,000 after purchasing an additional 2,884 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $170.24 on Wednesday. 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 $112.27 and a 12 month high of $218.51. The company has a 50 day simple moving average of $178.09 and a two-hundred day simple moving average of $188.14. The stock has a market cap of $36.93 billion, a price-to-earnings ratio of 29.66, a PEG ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be issued a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 73.66%.

Analysts Set New Price Targets

A number of analysts recently commented on TRGP shares. Truist Financial lifted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Barclays lowered their target price on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Scotiabank lowered their target price on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research note on Tuesday, April 29th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Morgan Stanley lifted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $202.93.

Insider Activity

In other news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the transaction, the insider now directly owns 82,139 shares of the company’s stock, valued at approximately $16,206,024.70. This trade represents a 29.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 in the last three months. 1.34% of the stock is currently owned by corporate insiders.

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.