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

Summit Financial LLC lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 3.8% during the 4th quarter, Holdings Channel.com reports. The fund owned 4,618 shares of the pipeline company’s stock after selling 184 shares during the period. Summit Financial LLC’s holdings in Targa Resources were worth $824,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Coldstream Capital Management Inc. boosted its stake in Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares in the last quarter. Fisher Asset Management LLC grew its stake in Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock worth $396,000 after buying an additional 67 shares during the last quarter. Mather Group LLC. increased its position in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after buying an additional 68 shares during the period. Keybank National Association OH lifted its stake in Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after buying an additional 70 shares during the last quarter. Finally, Catalina Capital Group LLC boosted its holdings in shares of Targa Resources by 3.9% in the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock valued at $400,000 after acquiring an additional 85 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent research reports. Royal Bank of Canada lifted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. The Goldman Sachs Group upped their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Scotiabank dropped their price target on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Citigroup increased their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, Barclays boosted their target price on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, March 21st. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $211.00.

Targa Resources Price Performance

Targa Resources stock opened at $205.86 on Thursday. The company has a market cap of $44.90 billion, a P/E ratio of 35.86, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a one year low of $110.09 and a one year high of $218.51. The business has a fifty day moving average of $198.61 and a two-hundred day moving average of $186.23. 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 (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing the consensus estimate of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is 52.26%.

Insider Buying and Selling

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the firm’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 completion of the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This trade represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock worth $22,613,288 in the last quarter. Company insiders own 1.39% of the company’s stock.

Targa Resources 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.