Kestra Advisory Services LLC Reduces Stock Holdings in Targa Resources, Inc. $TRGP

Kestra Advisory Services LLC lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 12.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,481 shares of the pipeline company’s stock after selling 1,977 shares during the period. Kestra Advisory Services LLC’s holdings in Targa Resources were worth $3,380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in TRGP. Cooksen Wealth LLC grew its stake in Targa Resources by 4.6% in the first quarter. Cooksen Wealth LLC now owns 10,640 shares of the pipeline company’s stock valued at $2,668,000 after purchasing an additional 464 shares during the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of Targa Resources by 0.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 24,621 shares of the pipeline company’s stock valued at $6,173,000 after purchasing an additional 100 shares during the period. Frank Rimerman Advisors LLC acquired a new position in Targa Resources in the 1st quarter worth approximately $221,000. Resonant Capital Advisors LLC acquired a new stake in shares of Targa Resources in the first quarter worth $200,000. Finally, Dumont & Blake Investment Advisors LLC purchased a new position in shares of Targa Resources during the first quarter worth $231,000. 92.13% of the stock is currently owned by institutional investors.

Insider Activity

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent analyst reports. Truist Financial lifted their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday. UBS Group restated a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Jefferies Financial Group started coverage on Targa Resources in a research report on Thursday, June 18th. They issued a “buy” rating and a $314.00 target price on the stock. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a research report on Friday, May 8th. Finally, Wells Fargo & Company upped their target price on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a report on Friday, May 8th. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $285.93.

Targa Resources Stock Up 1.1%

Shares of NYSE TRGP opened at $283.39 on Friday. The business has a 50-day moving average of $267.82 and a two-hundred day moving average of $238.58. The company has a market capitalization of $60.83 billion, a price-to-earnings ratio of 28.65, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $285.56. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. On average, analysts forecast that Targa Resources, Inc. will post 10.74 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio is currently 50.56%.

Targa Resources Company 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.