Janney Montgomery Scott LLC Sells 4,546 Shares of Targa Resources Corp. (NYSE:TRGP)

Janney Montgomery Scott LLC lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 9.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 44,962 shares of the pipeline company’s stock after selling 4,546 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Targa Resources were worth $6,655,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the second quarter worth $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth about $29,000. UMB Bank n.a. grew its holdings in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after acquiring an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in shares of Targa Resources in the second quarter valued at about $44,000. Finally, Rogco LP bought a new stake in Targa Resources during the first quarter worth about $56,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

NYSE:TRGP opened at $192.34 on Friday. The stock has a 50 day simple moving average of $158.92 and a 200 day simple moving average of $138.09. The stock has a market cap of $41.94 billion, a P/E ratio of 34.78, a PEG ratio of 1.44 and a beta of 2.24. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $192.63. The company has a current ratio of 0.77, a quick ratio of 0.53 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter in the previous year, the business posted $0.97 earnings per share. Research analysts anticipate that Targa Resources Corp. will post 5.96 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.75 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.56%. Targa Resources’s payout ratio is 54.25%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Barclays raised their price target on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a report on Wednesday. The Goldman Sachs Group increased their price target on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Bank of America began coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective on the stock. Finally, Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus price target of $157.21.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the transaction, the director now owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Paul W. Chung sold 5,264 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $138.03, for a total transaction of $726,589.92. Following the completion of the sale, the director now owns 232,827 shares of the company’s stock, valued at $32,137,110.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 157,764 shares of company stock worth $24,421,590. Company insiders own 1.39% of the company’s stock.

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.