Icon Wealth Advisors LLC Lowers Stake in Targa Resources Corp. (NYSE:TRGP)

Icon Wealth Advisors LLC reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 3.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 13,102 shares of the pipeline company’s stock after selling 401 shares during the period. Icon Wealth Advisors LLC’s holdings in Targa Resources were worth $1,939,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Targa Resources in the second quarter valued at about $29,000. DT Investment Partners LLC acquired a new stake in shares of Targa Resources in the third quarter valued at about $29,000. UMB Bank n.a. lifted its stake in shares of Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC acquired a new stake in shares of Targa Resources in the third quarter valued at about $35,000. Finally, Whittier Trust Co. acquired a new stake in shares of Targa Resources in the second quarter valued at about $44,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction on Tuesday, September 3rd. The stock was 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 in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 185,760 shares of company stock worth $30,026,712. Insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP opened at $201.39 on Friday. The company has a market capitalization of $43.92 billion, a price-to-earnings ratio of 36.42, a P/E/G ratio of 0.79 and a beta of 2.24. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business’s 50-day moving average is $173.37 and its 200-day moving average is $146.40.

Targa Resources (NYSE:TRGP) last issued its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $0.97 EPS. Equities research analysts expect that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Royal Bank of Canada lifted their target price on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Truist Financial lifted their target price on shares of Targa Resources from $175.00 to $225.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Finally, Stifel Nicolaus lifted their price target on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $176.50.

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.