Pathstone Holdings LLC Reduces Stake in Targa Resources Corp. (NYSE:TRGP)

Pathstone Holdings LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 0.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 28,309 shares of the pipeline company’s stock after selling 211 shares during the quarter. Pathstone Holdings LLC’s holdings in Targa Resources were worth $4,190,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter valued at approximately $29,000. DT Investment Partners LLC bought a new position in Targa Resources during the third quarter valued at $29,000. UMB Bank n.a. increased its position in Targa Resources by 2,220.0% during the second 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 during the last quarter. Whittier Trust Co. bought a new stake in shares of Targa Resources in the 2nd quarter worth about $44,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Targa Resources in the 2nd quarter worth about $69,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This trade represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 185,760 shares of company stock worth $30,026,712 over the last quarter. Insiders own 1.39% of the company’s stock.

Targa Resources Trading Down 0.2 %

NYSE:TRGP opened at $207.31 on Friday. The firm has a 50-day simple moving average of $169.37 and a 200-day simple moving average of $143.93. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87. The firm has a market cap of $45.21 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter in the previous year, the firm posted $0.97 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.45%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Wells Fargo & Company increased their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Royal Bank of Canada increased their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Morgan Stanley boosted their price objective on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, Bank of America initiated coverage on shares of Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 target price for the company. Thirteen research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $176.50.

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.