Kingsview Wealth Management LLC Grows Stake in Targa Resources Corp. (NYSE:TRGP)

Kingsview Wealth Management LLC boosted its position in Targa Resources Corp. (NYSE:TRGP) by 764.1% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 24,661 shares of the pipeline company’s stock after purchasing an additional 21,807 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Targa Resources were worth $3,650,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bessemer Group Inc. lifted its stake in shares of Targa Resources by 51.3% in the first quarter. Bessemer Group Inc. now owns 690 shares of the pipeline company’s stock worth $78,000 after buying an additional 234 shares in the last quarter. Natixis acquired a new position in shares of Targa Resources during the 1st quarter worth approximately $126,000. Advisors Asset Management Inc. boosted its holdings in shares of Targa Resources by 19.9% during the 1st quarter. Advisors Asset Management Inc. now owns 12,557 shares of the pipeline company’s stock worth $1,406,000 after purchasing an additional 2,082 shares during the last quarter. BOKF NA grew its position in shares of Targa Resources by 301.5% in the first quarter. BOKF NA now owns 819 shares of the pipeline company’s stock valued at $92,000 after purchasing an additional 615 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2 %

Shares of NYSE:TRGP opened at $207.31 on Monday. The firm has a market capitalization of $45.21 billion, a PE ratio of 37.49, a price-to-earnings-growth ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The firm’s 50-day moving average is $169.37 and its two-hundred day moving average is $144.37.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the company posted $0.97 EPS. Analysts predict that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid 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 1.45%. Targa Resources’s dividend payout ratio is currently 54.25%.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent research reports. Morgan Stanley raised their target price on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Stifel Nicolaus lifted their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Wells Fargo & Company lifted their price target on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Barclays increased their price objective on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $176.50.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 over the last 90 days. 1.44% of the stock is owned by insiders.

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.