Targa Resources, Inc. $TRGP Shares Sold by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 65.8% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 290,670 shares of the pipeline company’s stock after selling 560,304 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Targa Resources were worth $50,600,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Disciplina Capital Management LLC acquired a new stake in shares of Targa Resources in the first quarter valued at about $46,000. Elevation Point Wealth Partners LLC acquired a new position in Targa Resources during the second quarter worth about $53,000. Hilltop National Bank purchased a new stake in Targa Resources during the 2nd quarter valued at about $63,000. Private Trust Co. NA raised its holdings in Targa Resources by 57.1% in the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after acquiring an additional 173 shares during the last quarter. Finally, Wolff Wiese Magana LLC raised its holdings in Targa Resources by 61.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock valued at $84,000 after acquiring an additional 183 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent research reports. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. JPMorgan Chase & Co. increased their price target on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. Wells Fargo & Company reiterated an “overweight” rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Finally, The Goldman Sachs Group dropped their target price on Targa Resources from $189.00 to $188.00 and set a “buy” rating for the company in a report on Thursday, November 13th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $210.57.

Targa Resources Trading Up 2.4%

TRGP opened at $179.93 on Friday. The stock has a market capitalization of $38.62 billion, a PE ratio of 23.93, a P/E/G ratio of 1.02 and a beta of 0.89. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. The business’s 50 day moving average price is $163.60 and its 200 day moving average price is $165.38.

Targa Resources (NYSE:TRGP) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.2%. The ex-dividend date was Friday, October 31st. Targa Resources’s payout ratio is 53.19%.

Targa Resources 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.