Freemont Management S.A. Sells 23,300 Shares of Targa Resources, Inc. $TRGP

Freemont Management S.A. decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 88.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,100 shares of the pipeline company’s stock after selling 23,300 shares during the period. Freemont Management S.A.’s holdings in Targa Resources were worth $519,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Alps Advisors Inc. raised its stake in shares of Targa Resources by 5.5% during the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock worth $24,110,000 after acquiring an additional 7,497 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Targa Resources by 260.2% during the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after purchasing an additional 93,119 shares during the last quarter. Commonwealth Equity Services LLC raised its position in Targa Resources by 137.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after purchasing an additional 38,626 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its position in Targa Resources by 2.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after purchasing an additional 16,000 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in Targa Resources by 5.0% in the third quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock worth $81,167,000 after purchasing an additional 22,969 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the transaction, the insider owned 29,561 shares in the company, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 1.34% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $218.42 on Friday. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $224.98. The firm has a market cap of $46.89 billion, a P/E ratio of 29.04, a P/E/G ratio of 0.95 and a beta of 0.88. The business’s 50 day moving average price is $189.29 and its 200-day moving average price is $173.02.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Scotiabank reaffirmed an “outperform” rating and set a $224.00 price objective on shares of Targa Resources in a research note on Friday, January 16th. Wells Fargo & Company increased their target price on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Stifel Nicolaus set a $213.00 price target on Targa Resources in a research note on Thursday, November 6th. Morgan Stanley reiterated an “overweight” rating and issued a $266.00 price objective on shares of Targa Resources in a research report on Wednesday, January 28th. Finally, Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $213.50.

About Targa Resources

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.