Blue Trust Inc. Has $720,000 Position in Targa Resources Corp. (NYSE:TRGP)

Blue Trust Inc. raised its holdings in Targa Resources Corp. (NYSE:TRGP) by 54.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,034 shares of the pipeline company’s stock after acquiring an additional 1,423 shares during the quarter. Blue Trust Inc.’s holdings in Targa Resources were worth $720,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Buckley Wealth Management LLC boosted its position in Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after purchasing an additional 65 shares during the period. Coldstream Capital Management Inc. lifted its stake in Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after purchasing an additional 66 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Targa Resources by 9.8% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after buying an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC raised its stake in Targa Resources by 4.0% during the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares in the last quarter. Finally, Huntington National Bank raised its stake in Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after acquiring an additional 89 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Royal Bank of Canada boosted their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Truist Financial dropped their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a report on Friday, December 13th. Barclays increased their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Wells Fargo & Company lifted their price target on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $189.21.

Targa Resources Stock Up 0.5 %

NYSE:TRGP opened at $203.33 on Thursday. 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 Corp. has a 12-month low of $84.33 and a 12-month high of $218.51. The stock’s fifty day simple moving average is $193.44 and its 200-day simple moving average is $167.69. The firm has a market capitalization of $44.34 billion, a P/E ratio of 36.77, a P/E/G ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last posted 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 company had revenue of $3.85 billion during 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 period in the previous year, the company earned $0.97 EPS. Equities research analysts expect that Targa Resources Corp. will post 6.42 earnings per share for the current year.

Targa Resources Announces Dividend

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

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the firm’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 sale, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % 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 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.