Barclays PLC Sells 231,787 Shares of Targa Resources, Inc. $TRGP

Barclays PLC reduced its position in Targa Resources, Inc. (NYSE:TRGP) by 23.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 746,412 shares of the pipeline company’s stock after selling 231,787 shares during the period. Barclays PLC’s holdings in Targa Resources were worth $125,054,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Peoples Financial Services CORP. purchased a new stake in Targa Resources during the 3rd quarter valued at $34,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources in the third quarter worth $39,000. Avion Wealth lifted its holdings in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares in the last quarter. First Horizon Corp bought a new position in shares of Targa Resources during the third quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in shares of Targa Resources during the second quarter valued at $53,000. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 17,500 shares of the stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the transaction, the insider directly owned 31,938 shares in the company, valued at approximately $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider owned 197,401 shares in the company, valued at $47,640,757.34. This represents a 11.08% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 104,929 shares of company stock valued at $24,692,134 in the last quarter. Insiders own 1.34% of the company’s stock.

Targa Resources Trading Down 0.7%

Shares of NYSE:TRGP opened at $237.30 on Friday. The stock’s 50-day simple moving average is $205.45 and its two-hundred day simple moving average is $180.59. The stock has a market capitalization of $51.01 billion, a price-to-earnings ratio of 27.63, a PEG ratio of 1.01 and a beta of 0.84. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $250.00. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio is currently 46.57%.

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. Stifel Nicolaus lifted their price objective on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Barclays reaffirmed an “overweight” rating and set a $226.00 price target on shares of Targa Resources in a report on Friday, February 20th. UBS Group reiterated a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research report on Tuesday, February 24th. Finally, Royal Bank Of Canada raised their target price on shares of Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $240.79.

Targa Resources Company 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.