Targa Resources, Inc. $TRGP Stock Holdings Increased by Corient Private Wealth LLC

Corient Private Wealth LLC raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 11.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 38,525 shares of the pipeline company’s stock after purchasing an additional 3,847 shares during the period. Corient Private Wealth LLC’s holdings in Targa Resources were worth $7,108,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Woodline Partners LP raised its stake in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after purchasing an additional 5,327 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in Targa Resources by 6.3% in the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after purchasing an additional 219 shares in the last quarter. Brown Advisory Inc. boosted its holdings in Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after purchasing an additional 524 shares in the last quarter. Finally, Cerity Partners LLC increased its position in Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after buying an additional 3,163 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TRGP has been the topic of several recent research reports. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a report on Monday, May 4th. Barclays upped their price target on Targa Resources from $262.00 to $270.00 and gave the stock an “overweight” rating in a research note on Tuesday. Wells Fargo & Company increased their price objective on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Finally, UBS Group upped their price objective on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Seventeen 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.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $272.73.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The stock was 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 approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.37% of the stock is currently owned by company insiders.

Targa Resources Stock Up 2.6%

TRGP opened at $273.25 on Friday. The business has a 50 day moving average of $258.91 and a 200-day moving average of $228.83. The stock has a market capitalization of $58.65 billion, a price-to-earnings ratio of 27.63, a P/E/G ratio of 1.36 and a beta of 0.72. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00.

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

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were issued a $1.25 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s payout ratio is currently 50.56%.

Targa Resources Company Profile

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.