Targa Resources Corp. (NYSE:TRGP) Shares Sold by iA Global Asset Management Inc.

iA Global Asset Management Inc. cut its stake in Targa Resources Corp. (NYSE:TRGP) by 11.3% during the 4th quarter, HoldingsChannel reports. The fund owned 9,101 shares of the pipeline company’s stock after selling 1,162 shares during the period. iA Global Asset Management Inc.’s holdings in Targa Resources were worth $1,625,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of TRGP. Natixis Advisors LLC raised its holdings in shares of Targa Resources by 81.0% during the third quarter. Natixis Advisors LLC now owns 45,818 shares of the pipeline company’s stock worth $6,782,000 after purchasing an additional 20,501 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Targa Resources by 51.1% during the third quarter. Thrivent Financial for Lutherans now owns 14,106 shares of the pipeline company’s stock worth $2,087,000 after purchasing an additional 4,769 shares during the period. Prospera Financial Services Inc raised its holdings in shares of Targa Resources by 73.3% during the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after purchasing an additional 5,067 shares during the period. B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in shares of Targa Resources during the third quarter worth $1,175,000. Finally, Avior Wealth Management LLC raised its holdings in shares of Targa Resources by 76.7% during the third quarter. Avior Wealth Management LLC now owns 2,361 shares of the pipeline company’s stock worth $349,000 after purchasing an additional 1,025 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

NYSE:TRGP opened at $197.25 on Friday. Targa Resources Corp. has a twelve month low of $110.09 and a twelve month high of $218.51. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a 50-day moving average of $199.77 and a 200-day moving average of $182.87. The firm has a market cap of $43.02 billion, a price-to-earnings ratio of 34.36, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $4.48 billion. Analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.52%. The ex-dividend date of this dividend was Friday, January 31st. Targa Resources’s dividend payout ratio is presently 52.26%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on TRGP shares. Mizuho increased their target price on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Morgan Stanley upped their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. Wells Fargo & Company upped their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. The Goldman Sachs Group upped their price target on shares of Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. Finally, Royal Bank of Canada upped their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Targa Resources has an average rating of “Buy” and a consensus price target of $211.00.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CEO Matthew J. Meloy sold 48,837 shares of the company’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 sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction that occurred 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is currently owned by corporate insiders.

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.