Raymond James & Associates Acquires 14,984 Shares of Targa Resources Corp. (NYSE:TRGP)

Raymond James & Associates lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 223,742 shares of the pipeline company's stock after purchasing an additional 14,984 shares during the period. Raymond James & Associates owned about 0.10% of Targa Resources worth $19,436,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of TRGP. Moneta Group Investment Advisors LLC lifted its holdings in Targa Resources by 104,219.5% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 25,241,143 shares of the pipeline company's stock worth $1,855,224,000 after acquiring an additional 25,216,947 shares during the last quarter. BlackRock Inc. lifted its holdings in Targa Resources by 1.9% in the first quarter. BlackRock Inc. now owns 18,748,593 shares of the pipeline company's stock worth $1,367,710,000 after acquiring an additional 348,951 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Targa Resources by 5.1% in the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company's stock worth $713,107,000 after acquiring an additional 401,144 shares during the last quarter. State Street Corp lifted its holdings in Targa Resources by 14.4% in the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company's stock worth $591,455,000 after acquiring an additional 986,283 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Targa Resources by 6.6% in the first quarter. Goldman Sachs Group Inc. now owns 6,802,014 shares of the pipeline company's stock worth $513,349,000 after acquiring an additional 421,874 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 81,966 shares of company stock worth $7,987,215. 1.44% of the stock is owned by insiders.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $1.07 during mid-day trading on Tuesday, reaching $113.30. 1,240,563 shares of the company traded hands, compared to its average volume of 1,712,838. Targa Resources Corp. has a fifty-two week low of $67.36 and a fifty-two week high of $113.33. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The firm has a market cap of $25.21 billion, a PE ratio of 30.87 and a beta of 2.21. The stock has a fifty day simple moving average of $98.54 and a 200-day simple moving average of $90.12.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts' consensus estimates of $1.49 by ($0.26). Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Equities research analysts anticipate that Targa Resources Corp. will post 5.73 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st were given a $0.50 dividend. The ex-dividend date of this dividend was Tuesday, January 30th. This represents a $2.00 annualized dividend and a yield of 1.77%. Targa Resources's dividend payout ratio (DPR) is 54.50%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $122.00 to $125.00 and gave the stock an "overweight" rating in a report on Wednesday, March 6th. Barclays raised their price target on shares of Targa Resources from $105.00 to $116.00 and gave the company an "overweight" rating in a research note on Tuesday, March 19th. UBS Group dropped their price target on shares of Targa Resources from $109.00 to $108.00 and set a "buy" rating on the stock in a research note on Thursday, January 18th. Truist Financial raised their price target on shares of Targa Resources from $105.00 to $120.00 and gave the company a "buy" rating in a research note on Wednesday, March 20th. Finally, Citigroup raised their price target on shares of Targa Resources from $104.00 to $112.00 and gave the company a "buy" rating in a research note on Wednesday, February 21st. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Targa Resources currently has a consensus rating of "Buy" and an average target price of $111.00.

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.