Osaic Holdings Inc. Trims Stock Position in Targa Resources, Inc. $TRGP

Osaic Holdings Inc. trimmed its stake in Targa Resources, Inc. (NYSE:TRGP) by 50.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,464 shares of the pipeline company’s stock after selling 40,772 shares during the period. Osaic Holdings Inc.’s holdings in Targa Resources were worth $7,053,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of TRGP. State of Wyoming increased its position in shares of Targa Resources by 3.2% during the second quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock valued at $361,000 after buying an additional 64 shares during the period. UMB Bank n.a. lifted its holdings in Targa Resources by 11.9% in the second quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock worth $115,000 after buying an additional 70 shares during the period. QRG Capital Management Inc. boosted its position in Targa Resources by 0.8% during the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock valued at $1,618,000 after acquiring an additional 72 shares in the last quarter. ICONIQ Capital LLC grew its holdings in shares of Targa Resources by 5.7% during the 2nd quarter. ICONIQ Capital LLC now owns 1,437 shares of the pipeline company’s stock worth $250,000 after acquiring an additional 78 shares during the period. Finally, Parkside Financial Bank & Trust raised its position in shares of Targa Resources by 10.9% in the 2nd quarter. Parkside Financial Bank & Trust now owns 805 shares of the pipeline company’s stock worth $140,000 after acquiring an additional 79 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of research analyst reports. Mizuho lowered their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. BMO Capital Markets increased their price objective on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a report on Thursday, November 6th. Wells Fargo & Company upped their target price on shares of Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. One 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.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $210.79.

Targa Resources Trading Down 0.2%

Targa Resources stock opened at $178.33 on Monday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. The company has a market capitalization of $38.28 billion, a price-to-earnings ratio of 23.71, a price-to-earnings-growth ratio of 1.03 and a beta of 0.89. The business’s fifty day simple moving average is $167.15 and its two-hundred day simple moving average is $167.01. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91.

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

Targa Resources Announces Dividend

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

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the sale, the insider owned 22,139 shares in the company, 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 the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.