Amalgamated Bank Sells 482 Shares of Targa Resources Corp. (NYSE:TRGP)

Amalgamated Bank decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 68,028 shares of the pipeline company’s stock after selling 482 shares during the quarter. Amalgamated Bank’s holdings in Targa Resources were worth $5,910,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the stock. Wellington Management Group LLP increased its position in shares of Targa Resources by 5.1% during the third quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock valued at $713,107,000 after buying an additional 401,144 shares during the period. Deutsche Bank AG grew its position in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after purchasing an additional 3,720,270 shares in the last quarter. Morgan Stanley raised its position in shares of Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after buying an additional 524,794 shares in the last quarter. Jennison Associates LLC grew its position in Targa Resources by 1.6% during the third quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock worth $213,229,000 after buying an additional 39,143 shares in the last quarter. Finally, FMR LLC increased its stake in Targa Resources by 3.2% in the 3rd quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock worth $208,413,000 after acquiring an additional 74,310 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the completion of the transaction, the director now owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now directly owns 38,440 shares of the company’s stock, valued at $3,754,434.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the transaction, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The disclosure for this sale can be found here. Insiders have sold a total of 81,966 shares of company stock worth $7,987,215 over the last quarter. Insiders own 1.44% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Citigroup upped their price objective on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. UBS Group lowered their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Scotiabank increased their price objective on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research report on Monday, April 15th. Wells Fargo & Company boosted their target price on Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research report on Friday. Finally, Stifel Nicolaus lifted their price target on shares of Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. One analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and an average target price of $119.92.

Targa Resources Stock Performance

TRGP stock opened at $112.31 on Monday. The stock’s fifty day moving average price is $110.02 and its 200-day moving average price is $94.98. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. The company has a market cap of $24.90 billion, a P/E ratio of 23.11 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 EPS for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The company had revenue of $4.24 billion during the quarter, compared to analysts’ expectations of $4.50 billion. On average, equities analysts forecast that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.75 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.67%. Targa Resources’s payout ratio is currently 61.73%.

Targa Resources Company 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.