Corient Private Wealth LLC Raises Holdings in Targa Resources, Inc. $TRGP

Corient Private Wealth LLC lifted its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 11.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 38,525 shares of the pipeline company’s stock after purchasing an additional 3,847 shares during the quarter. Corient Private Wealth LLC’s holdings in Targa Resources were worth $7,108,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in TRGP. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp bought a new position in shares of Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new position in Targa Resources in the fourth quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. bought a new stake in Targa Resources in the fourth quarter valued at about $37,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 2.6%

TRGP stock opened at $273.25 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The firm has a market cap of $58.65 billion, a PE ratio of 27.63, a P/E/G ratio of 1.36 and a beta of 0.72. The firm has a 50 day simple moving average of $258.91 and a 200 day simple moving average of $228.83. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Equities research analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Insider Buying and Selling at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.37% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on TRGP. Scotiabank increased their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Truist Financial boosted their price target on Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a report on Tuesday, May 12th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. The Goldman Sachs Group raised their price target on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Finally, Morgan Stanley lifted their price target on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a report on Tuesday, May 12th. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $272.73.

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.