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Ritholtz Wealth Management Trims Position in Targa Resources Corp. (NYSE:TRGP)

Defense World · Sep 26, 2022 05:52

Ritholtz Wealth Management lessened its stake in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 14.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,326 shares of the pipeline company's stock after selling 1,637 shares during the period. Ritholtz Wealth Management's holdings in Targa Resources were worth $556,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Chilton Capital Management LLC purchased a new position in Targa Resources during the 4th quarter valued at about $27,000. Herold Advisors Inc. purchased a new position in Targa Resources during the 1st quarter valued at about $29,000. Bivin & Associates Inc. purchased a new position in Targa Resources during the 4th quarter valued at about $32,000. Allworth Financial LP increased its position in Targa Resources by 403.3% during the 1st quarter. Allworth Financial LP now owns 453 shares of the pipeline company's stock valued at $34,000 after purchasing an additional 363 shares during the period. Finally, Prospera Financial Services Inc purchased a new position in Targa Resources during the 1st quarter valued at about $36,000. Hedge funds and other institutional investors own 87.45% of the company's stock.

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Targa Resources Stock Down 8.7 %

TRGP stock opened at $59.75 on Monday. The firm has a 50 day moving average of $67.72 and a 200 day moving average of $69.27. The stock has a market capitalization of $13.54 billion, a PE ratio of 67.90 and a beta of 2.43. The company has a quick ratio of 0.62, a current ratio of 0.69 and a debt-to-equity ratio of 1.60. Targa Resources Corp. has a 52 week low of $46.80 and a 52 week high of $81.50.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, August 15th. Investors of record on Friday, July 29th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.34%. The ex-dividend date was Thursday, July 28th. Targa Resources's dividend payout ratio (DPR) is presently 159.09%.

Insider Buying and Selling

In other Targa Resources news, insider Regina Gregory sold 6,494 shares of Targa Resources stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $67.39, for a total transaction of $437,630.66. Following the completion of the sale, the insider now directly owns 55,592 shares in the company, valued at approximately $3,746,344.88. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.10% of the stock is owned by company insiders.

Analyst Ratings Changes

TRGP has been the topic of a number of research reports. Barclays cut their target price on shares of Targa Resources from $92.00 to $87.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 20th. Mizuho lifted their price objective on shares of Targa Resources from $87.00 to $91.00 and gave the stock a "buy" rating in a research report on Tuesday, August 9th. Morgan Stanley lifted their price objective on shares of Targa Resources from $103.00 to $105.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 20th. US Capital Advisors reaffirmed a "buy" rating on shares of Targa Resources in a research report on Monday, July 25th. Finally, The Goldman Sachs Group reaffirmed a "buy" rating and issued a $93.00 price objective on shares of Targa Resources in a research report on Thursday, September 8th. One equities research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $82.83.

Targa Resources Profile

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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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.