Daiwa Securities Group Inc. Buys 6,077 Shares of Targa Resources Corp. (NYSE:TRGP)

Daiwa Securities Group Inc. increased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 18.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 38,723 shares of the pipeline company’s stock after buying an additional 6,077 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Targa Resources were worth $5,731,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. DT Investment Partners LLC bought a new position in shares of Targa Resources during the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources in the second quarter worth about $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing 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 approximately $35,000. Finally, Whittier Trust Co. acquired a new position in shares of Targa Resources in the 2nd quarter worth approximately $44,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on TRGP. Morgan Stanley boosted their price target on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Truist Financial upped their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a report on Friday, November 15th. UBS Group lifted their price target on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Stifel Nicolaus upped their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, The Goldman Sachs Group raised their price objective 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. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $176.50.

Insider Buying and Selling at Targa Resources

In other news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,760 shares of company stock worth $30,026,712. Insiders own 1.39% of the company’s stock.

Targa Resources Trading Up 1.2 %

Shares of TRGP opened at $203.42 on Wednesday. The stock’s fifty day simple moving average is $171.40 and its 200-day simple moving average is $145.62. The firm has a market capitalization of $44.36 billion, a PE ratio of 36.78, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

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, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period in the prior year, the company posted $0.97 EPS. As a group, research analysts predict that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is presently 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.