Commerce Bank Cuts Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Commerce Bank reduced its position in Targa Resources Corp. (NYSE:TRGP) by 9.8% during the first quarter, Holdings Channel reports. The institutional investor owned 80,887 shares of the pipeline company’s stock after selling 8,765 shares during the quarter. Commerce Bank’s holdings in Targa Resources were worth $9,059,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Deutsche Bank AG increased its position in Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after buying an additional 3,720,270 shares in the last quarter. Blackstone Inc. grew its position in Targa Resources by 60.4% during the 4th quarter. Blackstone Inc. now owns 9,442,728 shares of the pipeline company’s stock worth $820,290,000 after purchasing an additional 3,554,989 shares during the last quarter. Norges Bank acquired a new position in Targa Resources during the 4th quarter valued at approximately $187,123,000. Price T Rowe Associates Inc. MD raised its holdings in shares of Targa Resources by 231.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company’s stock worth $119,712,000 after buying an additional 962,073 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Targa Resources by 16.1% in the third quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after buying an additional 524,794 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 0.4 %

Shares of TRGP opened at $132.89 on Thursday. The stock has a fifty day simple moving average of $120.74 and a two-hundred day simple moving average of $106.59. Targa Resources Corp. has a 52-week low of $76.94 and a 52-week high of $133.78. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73. The company has a market capitalization 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.

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

Insider Buying and Selling at Targa Resources

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

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TRGP. Stifel Nicolaus raised their price objective on Targa Resources from $111.00 to $130.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Mizuho upped their price objective on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company lifted their target price on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. Morgan Stanley boosted their target price on shares of Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, June 10th. Finally, Royal Bank of Canada raised their price target on shares of Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research report on Thursday, May 16th. One research analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, Targa Resources presently has a consensus rating of “Moderate Buy” and an average target price of $131.08.

About Targa Resources

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.