Versor Investments LP Reduces Stake in Targa Resources, Inc. $TRGP

Versor Investments LP lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 70.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,034 shares of the pipeline company’s stock after selling 4,767 shares during the period. Versor Investments LP’s holdings in Targa Resources were worth $341,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Alps Advisors Inc. raised its position in Targa Resources by 5.5% in the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock worth $24,110,000 after acquiring an additional 7,497 shares during the period. Nordea Investment Management AB grew its position in shares of Targa Resources by 260.2% during the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after acquiring an additional 93,119 shares during the period. Commonwealth Equity Services LLC increased its stake in shares of Targa Resources by 137.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after purchasing an additional 38,626 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its holdings in Targa Resources by 2.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after purchasing an additional 16,000 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in Targa Resources by 5.0% during the third quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock valued at $81,167,000 after purchasing an additional 22,969 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider owned 29,561 shares in the company, valued at $5,356,748.81. The trade was a 8.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Trading Up 2.5%

Shares of TRGP opened at $223.73 on Friday. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $225.35. The company has a 50 day simple moving average of $190.15 and a two-hundred day simple moving average of $173.41. The firm has a market cap of $48.02 billion, a P/E ratio of 29.75, a price-to-earnings-growth ratio of 0.94 and a beta of 0.88.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

Analyst Upgrades and Downgrades

A number of analysts have commented on TRGP shares. Stifel Nicolaus set a $213.00 price target on Targa Resources in a research report on Thursday, November 6th. Royal Bank Of Canada increased their target price on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Morgan Stanley restated an “overweight” rating and set a $266.00 target price on shares of Targa Resources in a research note on Wednesday, January 28th. UBS Group reiterated a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. Finally, Wells Fargo & Company raised their price objective on shares of Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $213.50.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.