Summit Trail Advisors LLC Buys 376 Shares of Targa Resources Corp. (NYSE:TRGP)

Summit Trail Advisors LLC raised its stake in Targa Resources Corp. (NYSE:TRGP) by 10.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,022 shares of the pipeline company’s stock after acquiring an additional 376 shares during the quarter. Summit Trail Advisors LLC’s holdings in Targa Resources were worth $595,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of TRGP. Canopy Partners LLC bought a new position in shares of Targa Resources during the third quarter worth approximately $216,000. Kingsview Wealth Management LLC grew its holdings in Targa Resources by 764.1% in the 3rd quarter. Kingsview Wealth Management LLC now owns 24,661 shares of the pipeline company’s stock valued at $3,650,000 after buying an additional 21,807 shares in the last quarter. Cerity Partners LLC increased its position in Targa Resources by 47.5% during the 3rd quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock worth $4,277,000 after buying an additional 9,307 shares during the period. Nwam LLC acquired a new stake in shares of Targa Resources during the third quarter worth $310,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Targa Resources in the third quarter valued at about $7,006,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Barclays raised their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Wells Fargo & Company lifted their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. UBS Group increased their price target on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, The Goldman Sachs Group upped their price target on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $176.50.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last ninety days. Insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 3.0 %

TRGP opened at $201.10 on Tuesday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company’s 50 day moving average price is $170.38 and its two-hundred day moving average price is $144.99. The firm has a market capitalization of $43.85 billion, a price-to-earnings ratio of 36.37, a PEG ratio of 0.82 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the firm posted $0.97 earnings per share. As a group, research analysts predict that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

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.