Diversified Trust Co. Takes $486,000 Position in Targa Resources, Inc. $TRGP

Diversified Trust Co. bought a new stake in Targa Resources, Inc. (NYSE:TRGP) in the fourth quarter, HoldingsChannel reports. The fund bought 2,633 shares of the pipeline company’s stock, valued at approximately $486,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Peoples Financial Services CORP. acquired a new position in Targa Resources during the third quarter worth approximately $34,000. Root Financial Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at approximately $39,000. Avion Wealth boosted its holdings in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 228 shares during the period. First Horizon Corp purchased a new position in shares of Targa Resources during the third quarter worth approximately $47,000. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Targa Resources during the second quarter worth approximately $53,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 1,359 shares of Targa Resources stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the sale, the director owned 77,094 shares of the company’s stock, valued at approximately $17,677,654.20. The trade was a 1.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the business’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the transaction, the insider owned 305,163 shares in the company, valued at $73,043,815.68. The trade was a 9.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 104,929 shares of company stock valued at $24,692,134 over the last 90 days. Insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of several research reports. TD Cowen upped their price target on shares of Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research report on Monday, February 23rd. BMO Capital Markets reissued an “outperform” rating and set a $241.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Mizuho lifted their price objective on shares of Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, March 19th. Finally, Royal Bank Of Canada upped their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, February 27th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $252.57.

Targa Resources Stock Performance

Shares of TRGP opened at $250.57 on Friday. The stock has a market capitalization of $53.86 billion, a P/E ratio of 29.17, a P/E/G ratio of 1.64 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $253.40. The company’s fifty day moving average is $223.17 and its two-hundred day moving average is $188.60.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio is currently 46.57%.

About Targa Resources

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.