Targa Resources Corp. (NYSE:TRGP) Shares Bought by Creekmur Asset Management LLC

Creekmur Asset Management LLC increased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 10.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,946 shares of the pipeline company’s stock after buying an additional 677 shares during the quarter. Creekmur Asset Management LLC’s holdings in Targa Resources were worth $1,240,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Coldstream Capital Management Inc. grew its stake in shares of Targa Resources by 0.9% in the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after buying an additional 66 shares during the period. Fisher Asset Management LLC lifted its holdings in Targa Resources by 3.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after acquiring an additional 67 shares during the last quarter. Mather Group LLC. grew its position in Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after acquiring an additional 68 shares during the period. Keybank National Association OH increased its stake in Targa Resources by 0.4% during the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after acquiring an additional 70 shares during the last quarter. Finally, Huntington National Bank raised its position in Targa Resources by 16.5% in the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company’s stock valued at $99,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of Targa Resources stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $203.16 on Wednesday. The stock’s 50-day simple moving average is $198.72 and its 200-day simple moving average is $186.09. The firm has a market capitalization of $44.31 billion, a PE ratio of 35.39, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. 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 issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s payout ratio is 52.26%.

Analysts Set New Price Targets

TRGP has been the subject of several research reports. Royal Bank of Canada lifted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a report on Tuesday, March 18th. Wells Fargo & Company raised their target price on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research note on Thursday, December 19th. Finally, Citigroup raised their price objective on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $211.00.

About Targa Resources

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.