Targa Resources Corp. (NYSE:TRGP) Shares Sold by Fmr LLC

Fmr LLC reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 2.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,946,228 shares of the pipeline company’s stock after selling 64,586 shares during the quarter. Fmr LLC’s holdings in Targa Resources were worth $436,071,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC acquired a new stake in Targa Resources during the 3rd quarter valued at $29,000. UMB Bank n.a. increased its position in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the third quarter worth $35,000. Finally, Whittier Trust Co. purchased a new stake in shares of Targa Resources in the second quarter valued at $44,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $204.30 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87. The company has a market cap of $44.55 billion, a price-to-earnings ratio of 36.94, a price-to-earnings-growth ratio of 0.79 and a beta of 2.24. The stock’s 50-day moving average is $174.40 and its 200-day moving average is $147.03.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company posted $0.97 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 6.28 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.47%. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Buying and Selling at Targa Resources

In related news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now directly owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock valued at $30,026,712 over the last three months. 1.39% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on TRGP. Stifel Nicolaus boosted 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. Wells Fargo & Company boosted their price objective 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. US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday. Bank of America started coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target for the company. Finally, Royal Bank of Canada raised their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $176.50.

About Targa Resources

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.