Targa Resources, Inc. $TRGP Shares Sold by Lido Advisors LLC

Lido Advisors LLC reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 19.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,830 shares of the pipeline company’s stock after selling 2,352 shares during the period. Lido Advisors LLC’s holdings in Targa Resources were worth $2,658,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Keybank National Association OH grew its stake in Targa Resources by 15.6% in the third quarter. Keybank National Association OH now owns 15,287 shares of the pipeline company’s stock valued at $4,132,000 after purchasing an additional 2,064 shares in the last quarter. 71 West Capital Partners raised its stake in shares of Targa Resources by 6.2% during the 3rd quarter. 71 West Capital Partners now owns 1,001 shares of the pipeline company’s stock worth $271,000 after purchasing an additional 58 shares in the last quarter. AlphaCore Capital LLC raised its stake in shares of Targa Resources by 291.7% during the 3rd quarter. AlphaCore Capital LLC now owns 5,652 shares of the pipeline company’s stock worth $1,528,000 after purchasing an additional 4,209 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Targa Resources by 48.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 223,678 shares of the pipeline company’s stock worth $62,476,000 after purchasing an additional 73,474 shares in the last quarter. Finally, StoneRidge PMG Advisors LLC acquired a new stake in shares of Targa Resources during the 3rd quarter valued at about $598,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.2%

NYSE TRGP traded up $0.68 during trading on Friday, hitting $296.98. 727,280 shares of the company traded hands, compared to its average volume of 1,405,238. Targa Resources, Inc. has a 12 month low of $166.18 and a 12 month high of $316.60. The business has a fifty day simple moving average of $288.78 and a 200 day simple moving average of $263.74. The company has a market capitalization of $63.72 billion, a P/E ratio of 26.28, a PEG ratio of 1.21 and a beta of 0.76. The company has a current ratio of 0.74, a quick ratio of 0.66 and a debt-to-equity ratio of 4.87.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.30. The company had revenue of $5.60 billion during the quarter, compared to the consensus estimate of $4.77 billion. Targa Resources had a return on equity of 68.83% and a net margin of 13.45%. As a group, sell-side analysts predict that Targa Resources, Inc. will post 11.55 EPS for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, October 30th. Targa Resources’s payout ratio is 44.25%.

Insider Buying and Selling

In other Targa Resources news, Director Paul W. Chung sold 1,816 shares of the 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 $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of Targa Resources 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 in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 7,216 shares of company stock worth $2,127,634. 1.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on TRGP shares. Barclays boosted their price target on Targa Resources from $284.00 to $294.00 and gave the company an “overweight” rating in a research note on Thursday, October 8th. Jefferies Financial Group cut their price objective on shares of Targa Resources from $326.00 to $311.00 and set a “buy” rating on the stock in a research report on Friday, November 6th. Royal Bank Of Canada raised their price objective on shares of Targa Resources from $312.00 to $338.00 and gave the company an “outperform” rating in a research report on Thursday, August 27th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $324.00 to $330.00 and gave the company an “overweight” rating in a research note on Monday, November 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $315.00 to $351.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $326.37.

Targa Resources Profile

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. Targa also operates facilities that support the export of NGLs and liquefied petroleum gas products.