Hancock Whitney Corp Acquires 40,337 Shares of Targa Resources Corp. (NYSE:TRGP)

Hancock Whitney Corp increased its stake in Targa Resources Corp. (NYSE:TRGP) by 320.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 52,925 shares of the pipeline company’s stock after acquiring an additional 40,337 shares during the quarter. Hancock Whitney Corp’s holdings in Targa Resources were worth $9,447,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of TRGP. Integrated Wealth Concepts LLC boosted its position in shares of Targa Resources by 4.3% during the 4th quarter. Integrated Wealth Concepts LLC now owns 3,425 shares of the pipeline company’s stock worth $611,000 after purchasing an additional 142 shares in the last quarter. Burling Wealth Partners LLC purchased a new stake in shares of Targa Resources in the fourth quarter valued at about $417,000. Coppell Advisory Solutions LLC increased its stake in Targa Resources by 181.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 941 shares of the pipeline company’s stock valued at $167,000 after buying an additional 607 shares during the last quarter. Pinebridge Investments L.P. purchased a new stake in shares of Targa Resources during the fourth quarter valued at approximately $4,411,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after purchasing an additional 53,853 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. Mizuho raised their price target on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Barclays decreased their target price on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a report on Wednesday, April 9th. Wells Fargo & Company lifted their price objective on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Finally, Truist Financial upped their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $210.64.

Insider Transactions at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. Company insiders own 1.34% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $172.46 on Thursday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The company has a market capitalization of $37.52 billion, a P/E ratio of 30.05, a PEG ratio of 0.61 and a beta of 1.75. The stock has a 50 day moving average price of $186.79 and a two-hundred day moving average price of $187.63.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be given a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s payout ratio is currently 69.69%.

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.