First Trust Advisors LP cut its position in Targa Resources, Inc. (NYSE:TRGP) by 85.9% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,440 shares of the pipeline company’s stock after selling 210,346 shares during the quarter. First Trust Advisors LP’s holdings in Targa Resources were worth $1,629,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Capstone Asset Management Co. grew its stake in Targa Resources by 11.0% during the 2nd quarter. Capstone Asset Management Co. now owns 4,716 shares of the pipeline company’s stock worth $213,000 after purchasing an additional 468 shares in the last quarter. Aperio Group LLC grew its stake in Targa Resources by 6.9% during the 2nd quarter. Aperio Group LLC now owns 55,480 shares of the pipeline company’s stock worth $2,508,000 after purchasing an additional 3,567 shares in the last quarter. US Bancorp DE grew its stake in Targa Resources by 22.7% during the 2nd quarter. US Bancorp DE now owns 13,795 shares of the pipeline company’s stock worth $623,000 after purchasing an additional 2,549 shares in the last quarter. Shell Asset Management Co. grew its stake in Targa Resources by 7.3% during the 2nd quarter. Shell Asset Management Co. now owns 11,410 shares of the pipeline company’s stock worth $516,000 after purchasing an additional 781 shares in the last quarter. Finally, Sumitomo Mitsui Asset Management Company LTD grew its stake in Targa Resources by 5.0% during the 2nd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 14,943 shares of the pipeline company’s stock worth $675,000 after purchasing an additional 714 shares in the last quarter. 87.42% of the stock is owned by institutional investors and hedge funds.

In other news, VP John Richard Klein sold 2,292 shares of the business’s stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $41.85, for a total value of $95,920.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is currently owned by insiders.

Targa Resources, Inc. (NYSE TRGP) traded up $0.14 during trading on Thursday, hitting $41.73. The stock had a trading volume of 2,810,800 shares, compared to its average volume of 1,883,606. Targa Resources, Inc. has a fifty-two week low of $39.59 and a fifty-two week high of $61.83. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 15th. Stockholders of record on Wednesday, November 1st were issued a $0.91 dividend. This represents a $3.64 annualized dividend and a dividend yield of 8.72%. The ex-dividend date of this dividend was Tuesday, October 31st. Targa Resources’s payout ratio is currently -136.84%.

TRGP has been the subject of several analyst reports. Zacks Investment Research raised Targa Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Guggenheim raised Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 target price for the company in a research note on Monday, August 14th. BMO Capital Markets set a $51.00 target price on Targa Resources and gave the stock a “hold” rating in a research note on Tuesday, August 15th. Royal Bank Of Canada reissued a “buy” rating and set a $60.00 target price on shares of Targa Resources in a research note on Monday, August 21st. Finally, Stifel Nicolaus set a $53.00 target price on Targa Resources and gave the stock a “buy” rating in a research note on Wednesday, August 23rd. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $54.33.

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Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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