Triad Wealth Partners LLC Takes Position in Targa Resources, Inc. $TRGP

Key Points

• Triad Wealth Partners LLC initiated a new position in Targa Resources (TRGP), acquiring 5,489 shares in the fourth quarter valued at approximately $1.01 million.
• Large institutions have been increasing holdings—Wellington, Vanguard and others own sizable stakes—and institutional investors now hold 92.13% of the company while analysts collectively rate the stock a "Moderate Buy" with an average price target of $256.71.
• Company insiders have been net sellers recently, offloading 104,929 shares (~$24.7 million) over the last 90 days, leaving insiders with just 1.37% ownership.

Triad Wealth Partners LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 5,489 shares of the pipeline company's stock, valued at approximately $1,013,000.

A number of other institutional investors and hedge funds also recently modified their holdings of TRGP. Wellington Management Group LLP increased its position in Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Targa Resources during the third quarter worth approximately $121,426,000. Vanguard Group Inc. increased its position in Targa Resources by 1.5% during the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock worth $4,755,169,000 after purchasing an additional 422,075 shares during the last quarter. Merewether Investment Management LP increased its position in Targa Resources by 52.9% during the second quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company's stock worth $172,789,000 after purchasing an additional 343,319 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its position in Targa Resources by 107.1% during the third quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company's stock worth $98,628,000 after purchasing an additional 304,426 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several research analyst reports. TD Cowen upped their price target on shares of Targa Resources from $192.00 to $220.00 and gave the stock a "hold" rating in a research report on Monday, February 23rd. Stifel Nicolaus upped their price target on shares of Targa Resources from $213.00 to $243.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. Wells Fargo & Company upped their price target on shares of Targa Resources from $248.00 to $264.00 and gave the stock an "overweight" rating in a research report on Friday, March 13th. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research report on Tuesday, February 24th. Finally, Truist Financial initiated coverage on shares of Targa Resources in a research report on Tuesday, March 24th. They set a "buy" rating and a $279.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $256.71.

Insider Buying and Selling

In other news, insider Robert Muraro sold 24,589 shares of the stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total value of $5,934,309.26. Following the completion of the sale, the insider owned 197,401 shares of the company's stock, valued at $47,640,757.34. This represents a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lindsey Cooksen sold 435 shares of the stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction of $100,798.20. Following the completion of the sale, the director directly owned 11,670 shares of the company's stock, valued at $2,704,172.40. The trade was a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.37% of the stock is owned by corporate insiders.

Targa Resources Price Performance

Targa Resources stock opened at $243.36 on Friday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $253.87. The firm has a fifty day moving average of $233.70 and a 200-day moving average of $194.06. The firm has a market capitalization of $52.27 billion, a P/E ratio of 28.33, a PEG ratio of 1.58 and a beta of 0.81. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. As a group, analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.6%. Targa Resources's dividend payout ratio is presently 46.57%.

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.

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