Ethic Inc. Sells 3,080 Shares of Targa Resources, Inc. $TRGP

Ethic Inc. cut its stake in Targa Resources, Inc. (NYSE:TRGP) by 12.1% during the third quarter, HoldingsChannel reports. The fund owned 22,280 shares of the pipeline company’s stock after selling 3,080 shares during the quarter. Ethic Inc.’s holdings in Targa Resources were worth $6,022,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Compass Financial Management LLC lifted its stake in shares of Targa Resources by 26.2% during the 3rd quarter. Compass Financial Management LLC now owns 154 shares of the pipeline company’s stock worth $42,000 after purchasing an additional 32 shares during the last quarter. Versant Capital Management Inc boosted its position in Targa Resources by 4.1% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock valued at $307,000 after purchasing an additional 45 shares in the last quarter. Premier Path Wealth Partners LLC grew its stake in Targa Resources by 2.3% in the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company’s stock valued at $537,000 after purchasing an additional 45 shares during the last quarter. River Wealth Advisors LLC grew its stake in Targa Resources by 0.3% in the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after purchasing an additional 50 shares during the last quarter. Finally, Signature Equity Partners LLC grew its stake in Targa Resources by 10.4% in the third quarter. Signature Equity Partners LLC now owns 552 shares of the pipeline company’s stock valued at $149,000 after purchasing an additional 52 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Activity

In related news, Director Charles Crisp sold 3,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director S Davis sold 2,400 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the completion of the transaction, the director directly owned 1,529 shares of the company’s stock, valued at $458,195.43. The trade was a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,216 shares of company stock worth $2,127,634 over the last 90 days. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Stock Up 3.3%

Shares of TRGP stock opened at $273.19 on Tuesday. The stock’s fifty day moving average price is $289.01 and its 200 day moving average price is $261.76. Targa Resources, Inc. has a 1-year low of $166.18 and a 1-year high of $316.60. The company has a market cap of $58.58 billion, a price-to-earnings ratio of 27.25, a price-to-earnings-growth ratio of 1.17 and a beta of 0.76. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 EPS for the quarter, beating analysts’ consensus estimates of $2.74 by $0.30. The company had revenue of $5.60 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, research analysts expect that Targa Resources, Inc. will post 11.51 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be issued a dividend of $1.25 per share. The ex-dividend date is Friday, October 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio is 44.25%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent research reports. Jefferies Financial Group reduced their target price on shares of Targa Resources from $326.00 to $311.00 and set a “buy” rating for the company in a report on Friday. Weiss Ratings upgraded shares of Targa Resources from a “buy (b+)” rating to a “buy (a-)” rating in a report on Thursday, October 29th. Raymond James Financial set a $344.00 price objective on shares of Targa Resources in a research report on Thursday. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, Mizuho boosted their price objective on shares of Targa Resources from $300.00 to $320.00 and gave the stock an “outperform” rating in a research note on Friday, September 11th. Two research analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $325.89.

About Targa Resources

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company’s services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.