Ninepoint Partners LP Sells 3,260 Shares of Targa Resources Corp. (NYSE:TRGP)

Ninepoint Partners LP cut its position in Targa Resources Corp. (NYSE:TRGP) by 21.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 11,998 shares of the pipeline company’s stock after selling 3,260 shares during the period. Ninepoint Partners LP’s holdings in Targa Resources were worth $1,042,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in TRGP. Cetera Advisor Networks LLC bought a new stake in shares of Targa Resources in the first quarter valued at $250,000. PNC Financial Services Group Inc. raised its stake in shares of Targa Resources by 5.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 14,741 shares of the pipeline company’s stock valued at $1,112,000 after purchasing an additional 737 shares during the period. Sei Investments Co. raised its stake in shares of Targa Resources by 11.6% during the 1st quarter. Sei Investments Co. now owns 186,471 shares of the pipeline company’s stock valued at $14,072,000 after purchasing an additional 19,372 shares during the period. Brighton Jones LLC bought a new stake in shares of Targa Resources during the 1st quarter valued at $249,000. Finally, Covestor Ltd raised its stake in shares of Targa Resources by 91.8% during the 1st quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock valued at $108,000 after purchasing an additional 684 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 2,500 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total transaction of $244,150.00. Following the completion of the transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Jennifer R. Kneale sold 26,061 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.36, for a total value of $2,537,298.96. Following the transaction, the chief financial officer now directly owns 227,663 shares of the company’s stock, valued at approximately $22,165,269.68. The disclosure for this sale can be found here. Insiders sold 81,966 shares of company stock worth $7,987,215 in the last ninety days. 1.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of analyst reports. The Goldman Sachs Group boosted their price objective on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research note on Thursday, April 4th. UBS Group reduced their target price on Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research report on Thursday, January 18th. Mizuho boosted their target price on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Royal Bank of Canada boosted their target price on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. Finally, Barclays boosted their target price on Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $117.92.

Targa Resources Trading Up 1.7 %

TRGP stock traded up $1.90 during trading on Friday, hitting $113.68. 682,909 shares of the company traded hands, compared to its average volume of 1,734,962. The firm has a market capitalization of $25.30 billion, a PE ratio of 30.46 and a beta of 2.21. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.61. The company has a 50-day moving average of $105.34 and a 200-day moving average of $92.49. The company has a debt-to-equity ratio of 2.68, a quick ratio of 0.66 and a current ratio of 0.79.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Targa Resources had a net margin of 5.20% and a return on equity of 18.64%. Analysts predict that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.75 per share. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 annualized dividend and a yield of 2.64%. Targa Resources’s dividend payout ratio is currently 54.50%.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.