Targa Resources Corp. (NYSE:TRGP) Stock Position Raised by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC raised its position in shares of Targa Resources Corp. (NYSE:TRGP) by 12.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,427 shares of the pipeline company’s stock after purchasing an additional 824 shares during the period. Commonwealth Equity Services LLC’s holdings in Targa Resources were worth $365,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Toth Financial Advisory Corp bought a new position in shares of Targa Resources in the 3rd quarter valued at approximately $30,000. NEXT Financial Group Inc grew its holdings in Targa Resources by 68.0% in the 3rd quarter. NEXT Financial Group Inc now owns 630 shares of the pipeline company’s stock valued at $31,000 after buying an additional 255 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Targa Resources in the 2nd quarter valued at approximately $33,000. Harvest Fund Management Co. Ltd acquired a new stake in Targa Resources in the 2nd quarter valued at approximately $38,000. Finally, IFP Advisors Inc grew its holdings in Targa Resources by 156.7% in the 3rd quarter. IFP Advisors Inc now owns 901 shares of the pipeline company’s stock valued at $45,000 after buying an additional 550 shares during the last quarter. 86.94% of the stock is currently owned by institutional investors and hedge funds.

A number of analysts have issued reports on the company. Wells Fargo & Company raised their target price on Targa Resources from $64.00 to $69.00 and gave the company an “overweight” rating in a report on Thursday, December 16th. Evercore ISI raised Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 price objective on the stock in a report on Monday, November 15th. Truist Securities lifted their price objective on Targa Resources from $54.00 to $65.00 and gave the stock a “buy” rating in a report on Monday, November 8th. Mizuho lifted their price objective on Targa Resources from $47.00 to $58.00 and gave the stock a “neutral” rating in a report on Wednesday, October 27th. Finally, Citigroup lifted their price objective on Targa Resources from $66.00 to $67.00 in a report on Monday, January 10th. Two investment analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $55.44.

Shares of TRGP opened at $57.78 on Friday. The stock has a fifty day moving average price of $53.44 and a two-hundred day moving average price of $49.14. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.69. Targa Resources Corp. has a 52-week low of $26.65 and a 52-week high of $58.18. The company has a market cap of $13.23 billion, a price-to-earnings ratio of 44.45 and a beta of 2.87.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, November 4th. The pipeline company reported $0.66 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.25. Targa Resources had a return on equity of 7.53% and a net margin of 2.97%. The firm had revenue of $4.46 billion during the quarter, compared to the consensus estimate of $3.61 billion. As a group, research analysts predict that Targa Resources Corp. will post 1.84 EPS for the current fiscal year.

In related news, EVP G Clark White sold 23,885 shares of the company’s stock in a transaction dated Tuesday, November 9th. The stock was sold at an average price of $57.61, for a total value of $1,376,014.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction dated Tuesday, November 9th. The shares were sold at an average price of $57.06, for a total value of $142,650.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 49,896 shares of company stock valued at $2,868,130. 1.69% of the stock is currently owned by corporate insiders.

About Targa Resources

Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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