Targa Resources Corp. (NYSE:TRGP) Stock Position Reduced by New York Life Investment Management LLC

New York Life Investment Management LLC lessened its position in shares of Targa Resources Corp. (NYSE:TRGP) by 0.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,111 shares of the pipeline company’s stock after selling 224 shares during the period. New York Life Investment Management LLC’s holdings in Targa Resources were worth $5,196,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. MML Investors Services LLC lifted its holdings in Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock worth $3,791,000 after buying an additional 10,100 shares during the last quarter. Nordea Investment Management AB lifted its holdings in Targa Resources by 85.7% during the 4th quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after buying an additional 13,167 shares during the last quarter. Capital Investment Advisors LLC lifted its holdings in Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after buying an additional 5,431 shares during the last quarter. Atomi Financial Group Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $271,000. Finally, Braun Stacey Associates Inc. acquired a new stake in shares of Targa Resources during the 3rd quarter worth approximately $11,042,000. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Mizuho increased their price target on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research report on Tuesday. Scotiabank assumed coverage on Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. Stifel Nicolaus increased their price target on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Barclays increased their price target on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $205.43.

Targa Resources Stock Up 2.8 %

TRGP opened at $201.02 on Friday. Targa Resources Corp. has a 12 month low of $97.29 and a 12 month high of $218.51. The stock has a market cap of $43.84 billion, a P/E ratio of 35.02, a P/E/G ratio of 0.61 and a beta of 2.29. The stock’s 50 day moving average price is $197.95 and its 200 day moving average price is $178.09. 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 (NYSE:TRGP) last issued its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.48 billion. As a group, research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current 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 given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.49%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Insider Activity

In other news, insider D. Scott Pryor sold 35,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the completion of the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. This trade represents a 29.88 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is owned by company insiders.

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.