Fulcrum Equity Management Acquires 208 Shares of Targa Resources Corp. (NYSE:TRGP)

Fulcrum Equity Management boosted its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 7.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,135 shares of the pipeline company’s stock after purchasing an additional 208 shares during the period. Fulcrum Equity Management’s holdings in Targa Resources were worth $464,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TRGP. DT Investment Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth about $29,000. Strategic Investment Solutions Inc. IL bought a new stake in Targa Resources during the second quarter worth about $29,000. UMB Bank n.a. increased its holdings in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Targa Resources in the third quarter valued at approximately $35,000. Finally, Whittier Trust Co. acquired a new position in shares of Targa Resources in the 2nd quarter worth approximately $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TRGP shares. Morgan Stanley lifted their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Bank of America initiated coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Truist Financial upped their price target 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. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Wells Fargo & Company upped their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. One investment analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $176.50.

Targa Resources Trading Up 0.5 %

NYSE:TRGP opened at $186.28 on Thursday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The firm has a market capitalization of $40.62 billion, a price-to-earnings ratio of 33.69, a PEG ratio of 0.77 and a beta of 2.28. The business’s 50-day moving average price is $180.92 and its two-hundred day moving average price is $151.53.

Targa Resources (NYSE:TRGP) last announced its quarterly 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. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same period last year, the company posted $0.97 EPS. On average, equities analysts expect that Targa Resources Corp. will post 6.26 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid 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 1.61%. Targa Resources’s payout ratio is 54.25%.

Insider Buying and Selling at Targa Resources

In related news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. This trade represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 183,260 shares of company stock valued at $29,661,212. Company insiders own 1.44% of the company’s stock.

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.