Novare Capital Management LLC Takes Position in Targa Resources, Inc. $TRGP

Novare Capital Management LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 2,200 shares of the pipeline company’s stock, valued at approximately $406,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Horizon Corp boosted its holdings in Targa Resources by 20.1% in the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after purchasing an additional 57 shares during the last quarter. Equitable Holdings Inc. boosted its holdings in Targa Resources by 3.6% in the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock valued at $287,000 after purchasing an additional 60 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Targa Resources by 4.1% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after purchasing an additional 60 shares during the last quarter. State of Wyoming boosted its holdings in Targa Resources by 3.2% in the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock valued at $361,000 after purchasing an additional 64 shares during the last quarter. Finally, Stratos Wealth Partners LTD. boosted its holdings in Targa Resources by 1.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company’s stock valued at $845,000 after purchasing an additional 64 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the sale, the insider directly owned 31,938 shares in the company, valued at approximately $7,311,246.96. This represents a 35.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 115,531 shares of company stock worth $27,405,821. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Trading Up 1.7%

Shares of NYSE:TRGP opened at $272.04 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $273.11. The company’s 50 day moving average is $244.80 and its two-hundred day moving average is $208.36. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The company has a market cap of $58.39 billion, a PE ratio of 27.51, a P/E/G ratio of 1.70 and a beta of 0.75.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Equities analysts predict that Targa Resources, Inc. will post 10.66 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is currently 50.56%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Barclays boosted their target price on shares of Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a report on Thursday. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Finally, Truist Financial boosted their target price on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $266.36.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.