Targa Resources Corp. (NYSE:TRGP) Shares Bought by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc boosted its stake in Targa Resources Corp. (NYSE:TRGP) by 25.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 2,239 shares of the pipeline company’s stock after buying an additional 453 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Targa Resources were worth $331,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Buckley Wealth Management LLC grew its holdings in shares of Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock worth $1,469,000 after buying an additional 65 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Targa Resources by 9.8% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after acquiring an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC increased its holdings in shares of Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock valued at $321,000 after purchasing an additional 84 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Targa Resources by 1.0% in the 2nd quarter. Fifth Third Bancorp now owns 8,911 shares of the pipeline company’s stock worth $1,148,000 after acquiring an additional 89 shares during the last quarter. Finally, Catalina Capital Group LLC increased its position in Targa Resources by 3.4% during the second quarter. Catalina Capital Group LLC now owns 3,043 shares of the pipeline company’s stock worth $392,000 after purchasing an additional 99 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 0.8 %

Targa Resources stock opened at $191.55 on Friday. The firm has a market capitalization of $41.77 billion, a P/E ratio of 34.64, a P/E/G ratio of 0.77 and a beta of 2.24. The stock’s fifty day simple moving average is $161.69 and its 200-day simple moving average is $139.86. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $197.14. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The business had revenue of $3.85 billion during the quarter, compared to the consensus estimate 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 previous year, the company posted $0.97 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 6.19 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.57%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Buying and Selling

In related news, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,760 shares of company stock worth $30,026,712. Corporate insiders own 1.39% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of several analyst reports. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company raised their target price on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Royal Bank of Canada lifted their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday. Barclays increased their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Finally, Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective on the stock. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $159.14.

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.