Targa Resources, Inc. $TRGP Shares Sold by Value Partners Investments Inc.

Value Partners Investments Inc. lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 19.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,226 shares of the pipeline company’s stock after selling 2,413 shares during the quarter. Value Partners Investments Inc.’s holdings in Targa Resources were worth $2,773,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. First Eagle Investment Management LLC increased its stake in shares of Targa Resources by 381.0% in the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company’s stock worth $27,000 after buying an additional 80 shares during the period. Jones Financial Companies Lllp bought a new stake in Targa Resources during the 2nd quarter valued at $32,000. Compass Financial Management LLC bought a new stake in Targa Resources during the 2nd quarter valued at $33,000. CoreCap Advisors LLC boosted its position in Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after buying an additional 91 shares during the period. Finally, Virtus Advisers LLC purchased a new stake in Targa Resources during the 2nd quarter valued at $35,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.7%

Shares of NYSE:TRGP traded down $2.01 on Monday, hitting $292.89. The company had a trading volume of 1,167,224 shares, compared to its average volume of 1,295,065. The firm’s 50-day simple moving average is $286.24 and its two-hundred day simple moving average is $270.15. Targa Resources, Inc. has a 1 year low of $149.01 and a 1 year high of $307.94. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The firm has a market capitalization of $62.81 billion, a price-to-earnings ratio of 28.00, a P/E/G ratio of 1.22 and a beta of 0.80.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Equities analysts anticipate that Targa Resources, Inc. will post 11.38 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be issued a $1.25 dividend. The ex-dividend date is Friday, October 30th. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Insiders Place Their Bets

In other Targa Resources news, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director owned 44,000 shares in the company, valued at approximately $13,028,840. This represents a 3.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the transaction, the director owned 62,292 shares in the company, valued at $18,079,007.16. This trade represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,216 shares of company stock worth $2,127,634 over the last three months. Company insiders own 1.37% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. BMO Capital Markets boosted their price objective on shares of Targa Resources from $278.00 to $303.00 and gave the company an “outperform” rating in a research report on Friday, July 17th. Barclays upped their price objective on shares of Targa Resources from $284.00 to $294.00 and gave the company an “overweight” rating in a research note on Thursday, October 8th. Citigroup upped their price objective on shares of Targa Resources from $303.00 to $325.00 and gave the company a “buy” rating in a research note on Tuesday, October 13th. Finally, Scotiabank reiterated an “outperform” rating and set a $319.00 target price on shares of Targa Resources in a report on Thursday. One analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus target price of $317.75.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.