Targa Resources Corp. (NYSE:TRGP) Stock Position Reduced by Invesco Ltd.

Invesco Ltd. lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 13.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,426,180 shares of the pipeline company’s stock after selling 668,365 shares during the quarter. Invesco Ltd. owned 2.03% of Targa Resources worth $790,073,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Janus Henderson Group PLC grew its stake in shares of Targa Resources by 0.4% in the 3rd quarter. Janus Henderson Group PLC now owns 25,300 shares of the pipeline company’s stock valued at $3,744,000 after buying an additional 108 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in Targa Resources by 3.9% in the third quarter. Integrated Wealth Concepts LLC now owns 3,283 shares of the pipeline company’s stock valued at $486,000 after acquiring an additional 122 shares during the last quarter. IHT Wealth Management LLC grew its position in Targa Resources by 17.3% in the third quarter. IHT Wealth Management LLC now owns 2,254 shares of the pipeline company’s stock worth $334,000 after acquiring an additional 332 shares in the last quarter. Kovitz Investment Group Partners LLC increased its stake in shares of Targa Resources by 141.3% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 31,132 shares of the pipeline company’s stock worth $4,428,000 after purchasing an additional 18,228 shares during the last quarter. Finally, iA Global Asset Management Inc. bought a new position in shares of Targa Resources during the 3rd quarter valued at $1,519,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 2.1 %

TRGP opened at $164.57 on Tuesday. The stock’s fifty day simple moving average is $196.33 and its 200 day simple moving average is $186.83. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. The stock has a market cap of $35.81 billion, a PE ratio of 28.67, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business 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. The ex-dividend date of this dividend was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Analyst Ratings Changes

A number of brokerages recently weighed in on TRGP. Morgan Stanley raised their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. Barclays lifted their price target on shares of Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a research report on Friday, March 21st. Wells Fargo & Company upped their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Mizuho raised their target price on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada boosted their target price 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 issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Targa Resources presently has a consensus rating of “Buy” and an average target price 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 business’s stock in a transaction dated Tuesday, February 25th. The stock was 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 owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction that occurred on 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 transaction, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. The trade was a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock valued at $22,613,288 in the last three months. Corporate insiders own 1.39% of the company’s stock.

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.