Targa Resources Corp. (NYSE:TRGP) Stake Lowered by Nordea Investment Management AB

Nordea Investment Management AB lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 15.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,923 shares of the pipeline company’s stock after selling 3,386 shares during the quarter. Nordea Investment Management AB’s holdings in Targa Resources were worth $2,113,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in TRGP. The Manufacturers Life Insurance Company boosted its position in Targa Resources by 5.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 185,439 shares of the pipeline company’s stock worth $15,901,000 after acquiring an additional 9,139 shares during the period. Morgan Stanley grew its position in Targa Resources by 16.1% in the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock valued at $325,003,000 after buying an additional 524,794 shares in the last quarter. Comerica Bank grew its position in Targa Resources by 35,367.9% in the 3rd quarter. Comerica Bank now owns 68,453 shares of the pipeline company’s stock valued at $5,868,000 after buying an additional 68,260 shares in the last quarter. Graham Capital Management L.P. acquired a new position in Targa Resources during the 3rd quarter valued at about $445,000. Finally, Public Sector Pension Investment Board raised its position in shares of Targa Resources by 12.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 50,994 shares of the pipeline company’s stock worth $4,371,000 after buying an additional 5,526 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on TRGP shares. Stifel Nicolaus raised their price objective on shares of Targa Resources from $111.00 to $130.00 and gave the company a “buy” rating in a research note on Tuesday, April 16th. The Goldman Sachs Group boosted their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Scotiabank raised their target price on Targa Resources from $112.00 to $128.00 and gave the company a “sector outperform” rating in a research note on Monday, April 15th. Argus began coverage on shares of Targa Resources in a research report on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target on the stock. Finally, UBS Group upped their price target on shares of Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a report on Tuesday, June 11th. One analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $131.08.

Insiders Place Their Bets

In other news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now directly owns 57,228 shares of the company’s stock, valued at $6,466,764. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CAO Julie H. Boushka sold 2,691 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total transaction of $304,083.00. Following the transaction, the chief accounting officer now directly owns 57,228 shares in the company, valued at approximately $6,466,764. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the completion of the transaction, the insider now directly owns 186,951 shares in the company, valued at $24,361,584.81. The disclosure for this sale can be found here. In the last ninety days, insiders sold 52,691 shares of company stock worth $6,197,632. 1.44% of the stock is currently owned by company insiders.

Targa Resources Stock Up 0.4 %

Shares of NYSE:TRGP opened at $132.89 on Thursday. Targa Resources Corp. has a 52 week low of $76.94 and a 52 week high of $133.78. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. The company has a market cap of $29.46 billion, a PE ratio of 27.34, a price-to-earnings-growth ratio of 0.78 and a beta of 2.27. The firm has a 50 day simple moving average of $120.74 and a 200 day simple moving average of $106.59.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $4.28 billion. As a group, research analysts expect that Targa Resources Corp. will post 5.27 earnings per share for the current year.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.