Targa Resources, Inc. $TRGP Shares Sold by AlphaQuest LLC

AlphaQuest LLC cut its holdings in Targa Resources, Inc. (NYSE:TRGP) by 74.6% during the third quarter, Holdings Channel reports. The institutional investor owned 935 shares of the pipeline company’s stock after selling 2,746 shares during the quarter. AlphaQuest LLC’s holdings in Targa Resources were worth $157,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Targa Resources during the 2nd quarter worth $708,366,000. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Targa Resources by 441.3% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock valued at $117,565,000 after purchasing an additional 550,591 shares during the period. Franklin Resources Inc. boosted its holdings in Targa Resources by 306.6% during the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after buying an additional 453,460 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Targa Resources by 1.4% during the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after buying an additional 375,939 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its position in shares of Targa Resources by 290.5% during the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after acquiring an additional 374,768 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Transactions at Targa Resources

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The stock was 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 document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Price Performance

Targa Resources stock opened at $218.42 on Friday. The company has a market cap of $46.89 billion, a price-to-earnings ratio of 29.04, a PEG ratio of 0.95 and a beta of 0.88. The firm has a 50 day moving average price of $189.29 and a 200 day moving average price of $173.02. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $224.98. 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 Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, January 30th. Targa Resources’s dividend payout ratio is 53.19%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on TRGP shares. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Wells Fargo & Company upped 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. The Goldman Sachs Group restated a “buy” rating and issued a $196.00 price target on shares of Targa Resources in a research report on Monday, January 12th. Royal Bank Of Canada lifted their price target on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Finally, Scotiabank reiterated an “outperform” rating and issued a $224.00 price objective on shares of Targa Resources in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.