CoreCap Advisors LLC Lowers Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

CoreCap Advisors LLC cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 69.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,446 shares of the pipeline company’s stock after selling 5,544 shares during the quarter. CoreCap Advisors LLC’s holdings in Targa Resources were worth $437,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Atala Financial Inc purchased a new position in shares of Targa Resources in the fourth quarter valued at approximately $31,000. Cary Street Partners Financial LLC acquired a new position in Targa Resources in the 4th quarter valued at $31,000. Rakuten Securities Inc. lifted its holdings in Targa Resources by 394.6% in the 4th quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares in the last quarter. Mizuho Bank Ltd. acquired a new stake in Targa Resources during the 4th quarter worth $36,000. Finally, Aspect Partners LLC boosted its stake in Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock worth $39,000 after purchasing an additional 130 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TRGP has been the topic of several research reports. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Barclays decreased their target price on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Scotiabank dropped their price target on Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating for the company in a research report on Tuesday, April 29th. Wells Fargo & Company lifted their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Morgan Stanley upped their target price on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Targa Resources presently has an average rating of “Buy” and a consensus price target of $202.93.

Targa Resources Price Performance

Shares of TRGP opened at $159.51 on Friday. The firm has a 50-day simple moving average of $178.73 and a two-hundred day simple moving average of $188.13. The stock has a market cap of $34.71 billion, a PE ratio of 27.79, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 1-year low of $112.27 and a 1-year high of $218.51. 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 released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. As a group, analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st will be paid a $1.00 dividend. This represents a dividend yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources’s payout ratio is 73.66%.

Insider Activity at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the company’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.34% of the company’s stock.

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.