Targa Resources, Inc. $TRGP Shares Sold by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC trimmed its position in Targa Resources, Inc. (NYSE:TRGP) by 40.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,187 shares of the pipeline company’s stock after selling 19,743 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Targa Resources were worth $4,858,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in TRGP. Peoples Financial Services CORP. acquired a new position in Targa Resources in the third quarter valued at approximately $34,000. Avion Wealth lifted its stake in shares of Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares during the last quarter. First Horizon Corp purchased a new position in shares of Targa Resources during the 3rd quarter worth $47,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources during the 2nd quarter worth about $53,000. Finally, Carolina Wealth Advisors LLC purchased a new stake in Targa Resources in the 3rd quarter valued at about $58,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the transaction, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider directly owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on TRGP shares. Morgan Stanley lifted their price target on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. UBS Group restated a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. JPMorgan Chase & Co. lifted their price objective on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Royal Bank Of Canada increased their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Finally, BMO Capital Markets lifted their target price on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $213.14.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $192.48 on Tuesday. The stock’s 50-day moving average is $180.28 and its two-hundred day moving average is $169.42. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The company has a market cap of $41.32 billion, a price-to-earnings ratio of 25.60, a price-to-earnings-growth ratio of 0.82 and a beta of 0.87. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $211.87.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 51.87% and a net margin of 9.35%. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Friday, January 30th. Targa Resources’s payout ratio is 53.19%.

Targa Resources 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.