Caprock Group LLC Purchases New Holdings in Targa Resources, Inc. $TRGP

Caprock Group LLC acquired a new position in Targa Resources, Inc. (NYSE:TRGP) in the third quarter, Holdings Channel reports. The firm acquired 22,771 shares of the pipeline company’s stock, valued at approximately $3,820,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TRGP. Peoples Financial Services CORP. purchased a new stake in shares of Targa Resources in the third quarter valued at $34,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources during the third quarter valued at $39,000. Avion Wealth grew its holdings in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares in the last quarter. First Horizon Corp acquired a new position in Targa Resources during the third quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in Targa Resources in the 2nd quarter worth about $53,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Up 2.4%

TRGP stock opened at $222.18 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $222.59. The company has a fifty day simple moving average of $188.52 and a 200 day simple moving average of $172.70. The firm has a market cap of $47.69 billion, a PE ratio of 29.54, a PEG ratio of 0.93 and a beta of 0.88.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a $1.00 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s payout ratio is currently 53.19%.

Insider Transactions at Targa Resources

In other news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider directly owned 22,139 shares in the company, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research analyst reports. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. The Goldman Sachs Group restated a “buy” rating and set a $196.00 price target on shares of Targa Resources in a report on Monday, January 12th. Morgan Stanley reaffirmed an “overweight” rating and set a $266.00 price objective on shares of Targa Resources in a research report on Wednesday, January 28th. UBS Group reiterated a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Finally, Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $213.50.

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.