Targa Resources Corp. (NYSE:TRGP) Shares Bought by MML Investors Services LLC

MML Investors Services LLC lifted its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 65.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,615 shares of the pipeline company’s stock after purchasing an additional 10,100 shares during the quarter. MML Investors Services LLC’s holdings in Targa Resources were worth $3,791,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of TRGP. Caxton Associates LP acquired a new position in Targa Resources during the 2nd quarter valued at about $2,323,000. Braun Stacey Associates Inc. bought a new position in shares of Targa Resources in the third quarter valued at approximately $11,042,000. Metis Global Partners LLC boosted its holdings in shares of Targa Resources by 12.7% in the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock valued at $3,784,000 after acquiring an additional 2,890 shares in the last quarter. Prospera Financial Services Inc increased its stake in shares of Targa Resources by 73.3% during the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock valued at $1,774,000 after acquiring an additional 5,067 shares during the period. Finally, Cerity Partners LLC raised its holdings in Targa Resources by 47.5% during the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock worth $4,277,000 after purchasing an additional 9,307 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Down 0.5 %

NYSE:TRGP opened at $184.60 on Friday. The firm has a market capitalization of $40.25 billion, a price-to-earnings ratio of 33.38, a PEG ratio of 0.74 and a beta of 2.28. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The business’s fifty day moving average price is $181.52 and its 200 day moving average price is $151.76.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the business posted $0.97 EPS. On average, sell-side analysts forecast that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.63%. Targa Resources’s payout ratio is 54.25%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Royal Bank of Canada lifted their target price on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Morgan Stanley upped their price target on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Truist Financial dropped their target price on shares of Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday. Finally, Stifel Nicolaus increased their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $176.14.

Insiders Place Their Bets

In other 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock worth $29,661,212 in the last quarter. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources 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.