Tritonpoint Wealth LLC Buys 115 Shares of Targa Resources Corp. (NYSE:TRGP)

Tritonpoint Wealth LLC grew its position in shares of Targa Resources Corp. (NYSE:TRGP) by 8.0% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 1,548 shares of the pipeline company’s stock after acquiring an additional 115 shares during the period. Tritonpoint Wealth LLC’s holdings in Targa Resources were worth $276,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in TRGP. Tokio Marine Asset Management Co. Ltd. purchased a new stake in shares of Targa Resources in the fourth quarter worth $608,000. Symphony Financial Ltd. Co. bought a new position in Targa Resources in the 4th quarter worth about $231,000. Custom Index Systems LLC increased its stake in Targa Resources by 45.7% during the 4th quarter. Custom Index Systems LLC now owns 4,974 shares of the pipeline company’s stock valued at $888,000 after purchasing an additional 1,561 shares in the last quarter. Caprock Group LLC lifted its position in Targa Resources by 8.3% in the 4th quarter. Caprock Group LLC now owns 17,827 shares of the pipeline company’s stock valued at $3,182,000 after acquiring an additional 1,366 shares in the last quarter. Finally, Cibc World Market Inc. lifted its holdings in shares of Targa Resources by 11.4% during the fourth quarter. Cibc World Market Inc. now owns 195,335 shares of the pipeline company’s stock valued at $34,867,000 after purchasing an additional 20,047 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $196.55 on Monday. The firm’s fifty day moving average is $193.19 and its two-hundred day moving average is $168.87. Targa Resources Corp. has a 52-week low of $84.33 and a 52-week high of $218.51. The company has a market cap of $42.86 billion, a P/E ratio of 35.54, a P/E/G ratio of 0.61 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during 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 company earned $0.97 earnings per share. As a group, analysts anticipate that Targa Resources Corp. will post 6.41 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s payout ratio is 54.25%.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction on 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 completion of the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction 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 approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research analyst reports. Truist Financial lowered their price target on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. UBS Group boosted their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Barclays raised their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. US Capital Advisors cut Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Stifel Nicolaus lifted 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 given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $189.21.

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.