Prospera Financial Services Inc Trims Stock Position in Targa Resources, Inc. $TRGP

Prospera Financial Services Inc lessened its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 52.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,020 shares of the pipeline company’s stock after selling 3,356 shares during the quarter. Prospera Financial Services Inc’s holdings in Targa Resources were worth $557,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TRGP. Korea Investment CORP boosted its position in shares of Targa Resources by 37.4% during the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock worth $43,688,000 after buying an additional 70,998 shares during the period. Alps Advisors Inc. boosted its position 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 buying an additional 7,497 shares during the period. NFC Investments LLC purchased a new position in shares of Targa Resources during the third quarter worth $8,478,000. Envestnet Asset Management Inc. boosted its position in shares of Targa Resources by 5.0% during the third quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock worth $81,167,000 after buying an additional 22,969 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after buying an additional 12,640 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $255.14 on Friday. The company has a fifty day simple moving average of $251.28 and a two-hundred day simple moving average of $216.18. The company has a market cap of $54.76 billion, a price-to-earnings ratio of 25.80, a price-to-earnings-growth ratio of 1.32 and a beta of 0.75. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, equities analysts anticipate that Targa Resources, Inc. will post 10.67 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 2.0%. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. Targa Resources’s payout ratio is presently 50.56%.

Analysts Set New Price Targets

Several research analysts have recently commented on TRGP shares. Mizuho raised their price target on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday. BMO Capital Markets restated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. TD Cowen raised their price target on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research report on Monday, May 11th. The Goldman Sachs Group raised their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $281.00 price target on shares of Targa Resources in a research report on Tuesday, May 12th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $269.21.

Insiders Place Their Bets

In related news, insider Robert Muraro sold 24,589 shares of the business’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the transaction, the insider owned 197,401 shares in the company, valued at approximately $47,640,757.34. The trade was a 11.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 66,728 shares of company stock worth $16,196,694 over the last 90 days. Corporate insiders own 1.37% of the company’s stock.

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.