Oak Thistle LLC Lowers Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Oak Thistle LLC lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 68.8% during the first quarter, HoldingsChannel reports. The firm owned 4,898 shares of the pipeline company’s stock after selling 10,806 shares during the quarter. Oak Thistle LLC’s holdings in Targa Resources were worth $549,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Addison Advisors LLC purchased a new position in Targa Resources during the fourth quarter worth approximately $27,000. VisionPoint Advisory Group LLC raised its position in shares of Targa Resources by 111.2% in the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after buying an additional 209 shares during the period. EdgeRock Capital LLC acquired a new position in Targa Resources in the fourth quarter valued at $42,000. Delos Wealth Advisors LLC purchased a new stake in Targa Resources during the fourth quarter valued at about $43,000. Finally, Register Financial Advisors LLC acquired a new stake in Targa Resources during the first quarter worth about $45,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Up 1.9 %

NYSE TRGP traded up $2.49 during trading hours on Monday, reaching $131.27. 1,738,554 shares of the company traded hands, compared to its average volume of 1,657,380. The stock has a market capitalization of $29.11 billion, a PE ratio of 27.01, a PEG ratio of 0.76 and a beta of 2.27. The company has a current ratio of 0.70, a quick ratio of 0.62 and a debt-to-equity ratio of 2.73. Targa Resources Corp. has a 12 month low of $74.95 and a 12 month high of $131.32. The company has a 50 day moving average of $118.39 and a two-hundred day moving average of $104.44.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 2nd. The pipeline company reported $1.22 EPS for the quarter, missing the consensus estimate of $1.35 by ($0.13). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $4.28 billion. As a group, equities analysts expect that Targa Resources Corp. will post 5.27 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date was Monday, April 29th. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s payout ratio is currently 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 10,000 shares of the firm’s stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $120.08, for a total value of $1,200,800.00. Following the transaction, the insider now owns 196,951 shares of the company’s stock, valued at $23,649,876.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the transaction, the chief accounting officer now directly owns 57,228 shares in the company, valued at $6,466,764. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert Muraro sold 10,000 shares of Targa Resources stock in a transaction on Monday, June 10th. The shares were sold at an average price of $120.08, for a total transaction of $1,200,800.00. Following the sale, the insider now directly owns 196,951 shares of the company’s stock, valued at approximately $23,649,876.08. The disclosure for this sale can be found here. Insiders sold a total of 42,791 shares of company stock worth $4,907,563 over the last 90 days. Insiders own 1.44% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Royal Bank of Canada boosted their target price on Targa Resources from $123.00 to $128.00 and gave the stock an “outperform” rating in a report on Thursday, May 16th. Truist Financial raised their target price on shares of Targa Resources from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Stifel Nicolaus upped their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Mizuho raised their price objective on Targa Resources from $105.00 to $130.00 and gave the company a “buy” rating in a research report on Wednesday, April 3rd. Finally, Morgan Stanley upped their target price on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, June 10th. One investment analyst has rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $129.46.

Targa Resources 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.