Targa Resources Corp. (NYSE:TRGP) Shares Sold by Principal Street Partners LLC

Principal Street Partners LLC decreased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 60.0% during the third quarter, HoldingsChannel reports. The firm owned 1,502 shares of the pipeline company’s stock after selling 2,257 shares during the quarter. Principal Street Partners LLC’s holdings in Targa Resources were worth $216,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zurich Insurance Group Ltd FI purchased a new stake in shares of Targa Resources in the 2nd quarter valued at $72,345,000. American Century Companies Inc. boosted its stake in shares of Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock worth $101,877,000 after buying an additional 557,832 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after acquiring an additional 271,444 shares during the period. Robeco Institutional Asset Management B.V. raised its position in Targa Resources by 599.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after acquiring an additional 246,762 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Targa Resources by 14,163.5% in the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after acquiring an additional 202,822 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 2,500 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 of the company’s stock, valued at approximately $25,504,736.20. This trade represents a 1.41 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 185,760 shares of company stock valued at $30,026,712 over the last quarter. 1.44% of the stock is owned by insiders.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $203.42 on Wednesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The business’s 50 day moving average price is $171.40 and its 200 day moving average price is $145.62. The company has a market cap of $44.36 billion, a price-to-earnings ratio of 36.78, a PEG ratio of 0.80 and a beta of 2.24. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87.

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 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 firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the company posted $0.97 EPS. On average, research analysts predict that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. UBS Group lifted their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Morgan Stanley increased their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Barclays upped their price target on Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a report on Tuesday, October 15th. Stifel Nicolaus upped their target price on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, 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 note on Wednesday, November 6th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company 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.