Sanctuary Advisors LLC Has $2.51 Million Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Sanctuary Advisors LLC lifted its holdings in Targa Resources Corp. (NYSE:TRGP) by 9.5% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 16,933 shares of the pipeline company’s stock after purchasing an additional 1,463 shares during the quarter. Sanctuary Advisors LLC’s holdings in Targa Resources were worth $2,506,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of TRGP. Wealth Enhancement Advisory Services LLC grew its position in shares of Targa Resources by 8.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 12,050 shares of the pipeline company’s stock valued at $1,552,000 after purchasing an additional 968 shares during the period. Fifth Third Bancorp grew its position in shares of Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock valued at $1,148,000 after purchasing an additional 89 shares during the period. Fifth Third Wealth Advisors LLC acquired a new position in shares of Targa Resources in the 2nd quarter valued at approximately $283,000. MN Wealth Advisors LLC boosted its position in Targa Resources by 38.3% during the 2nd quarter. MN Wealth Advisors LLC now owns 3,793 shares of the pipeline company’s stock worth $489,000 after acquiring an additional 1,050 shares during the last quarter. Finally, &PARTNERS boosted its position in Targa Resources by 1.1% during the 2nd quarter. &PARTNERS now owns 10,107 shares of the pipeline company’s stock worth $1,302,000 after acquiring an additional 107 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Truist Financial reduced their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, December 13th. 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 report on Monday, November 11th. Morgan Stanley upped their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Bank of America assumed coverage on Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Finally, The Goldman Sachs Group upped their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $176.14.

Targa Resources Stock Down 1.2 %

TRGP stock opened at $181.22 on Wednesday. The stock has a market capitalization of $39.52 billion, a price-to-earnings ratio of 32.77, a PEG ratio of 0.73 and a beta of 2.28. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business’s fifty day moving average price is $183.01 and its two-hundred day moving average price is $153.69.

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, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for 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 prior year, the firm posted $0.97 EPS. On average, equities analysts anticipate that Targa Resources Corp. will post 6.26 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.66%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were 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 directly owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 183,260 shares of company stock valued at $29,661,212. 1.39% of the stock is owned by corporate insiders.

Targa Resources Company 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.