Shell Asset Management Co. Lowers Stock Position in Targa Resources, Inc. $TRGP

Shell Asset Management Co. cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 66.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,544 shares of the pipeline company’s stock after selling 5,152 shares during the period. Shell Asset Management Co.’s holdings in Targa Resources were worth $426,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in TRGP. Woodline Partners LP boosted its position in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth lifted its stake in Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after purchasing an additional 2,404 shares in the last quarter. Private Trust Co. NA lifted its stake in Targa Resources by 57.1% during the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after purchasing an additional 173 shares in the last quarter. Stratos Wealth Partners LTD. boosted its position in shares of Targa Resources by 39.2% during the second quarter. Stratos Wealth Partners LTD. now owns 4,982 shares of the pipeline company’s stock worth $867,000 after buying an additional 1,404 shares during the period. Finally, DekaBank Deutsche Girozentrale grew its stake in shares of Targa Resources by 13.2% in the second quarter. DekaBank Deutsche Girozentrale now owns 71,038 shares of the pipeline company’s stock valued at $12,434,000 after buying an additional 8,294 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Scotiabank reiterated an “outperform” rating and set a $224.00 price target on shares of Targa Resources in a research note on Friday, January 16th. UBS Group reissued a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Finally, Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $213.50.

Insiders Place Their Bets

In other news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.34% of the stock is currently owned by corporate insiders.

Targa Resources Stock Up 0.1%

Shares of Targa Resources stock opened at $224.07 on Wednesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $226.00. The company has a market capitalization of $48.10 billion, a P/E ratio of 29.80, a P/E/G ratio of 0.96 and a beta of 0.88. The company has a 50 day moving average of $191.86 and a 200 day moving average of $174.32.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $1.00 dividend. 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 is 53.19%.

Targa Resources Company 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.