Harrison Street Private Wealth LLC Invests $4.48 Million in Targa Resources, Inc. $TRGP

Harrison Street Private Wealth LLC purchased a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 17,850 shares of the pipeline company’s stock, valued at approximately $4,476,000. Targa Resources accounts for about 5.9% of Harrison Street Private Wealth LLC’s investment portfolio, making the stock its 7th biggest holding.

Several other large investors have also made changes to their positions in the business. Olistico Wealth LLC bought a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources during the fourth quarter worth $30,000. Leonteq Securities AG acquired a new position in Targa Resources in the fourth quarter valued at about $31,000. Finally, Godfrey Financial Associates Inc. acquired a new position in Targa Resources in the fourth quarter worth $37,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on TRGP shares. UBS Group upped their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. US Capital Advisors downgraded shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Scotiabank lifted their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Seaport Research Partners reiterated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Finally, TD Cowen boosted their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. Seventeen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Targa Resources Stock Performance

Shares of TRGP stock opened at $258.85 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The company has a market capitalization of $55.56 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 1.32 and a beta of 0.71. The company has a 50-day simple moving average of $261.91 and a 200 day simple moving average of $231.75. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, sell-side analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were issued a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s payout ratio is 50.56%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.