Icon Wealth Advisors LLC Sells 401 Shares of Targa Resources Corp. (NYSE:TRGP)

Icon Wealth Advisors LLC reduced its position in shares of Targa Resources Corp. (NYSE:TRGP) by 3.0% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 13,102 shares of the pipeline company’s stock after selling 401 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Targa Resources were worth $1,939,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Buckley Wealth Management LLC increased its stake in shares of Targa Resources by 0.7% in the 3rd quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after acquiring an additional 65 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of 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 acquiring an additional 83 shares during the last quarter. Prime Capital Investment Advisors LLC increased its stake in shares of Targa Resources by 4.0% in the 3rd quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after acquiring an additional 84 shares during the last quarter. Fifth Third Bancorp increased its stake 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 acquiring an additional 89 shares during the last quarter. Finally, Huntington National Bank increased its stake in shares of Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 89 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. Truist Financial boosted their price objective on Targa Resources from $175.00 to $225.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Wells Fargo & Company boosted their price objective on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group boosted their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Stifel Nicolaus boosted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. 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. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $176.50.

Targa Resources Stock Down 1.0 %

TRGP opened at $201.39 on Friday. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The stock’s fifty day simple moving average is $173.37 and its 200 day simple moving average is $146.40. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $43.92 billion, a PE ratio of 36.42, a price-to-earnings-growth ratio of 0.79 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the prior year, the business earned $0.97 EPS. As a group, research analysts expect that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

Insiders Place Their Bets

In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $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. Insiders have sold 185,760 shares of company stock worth $30,026,712 in the last 90 days. Company insiders own 1.39% of the company’s stock.

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.