Fayez Sarofim & Co Sells 3,405 Shares of Targa Resources, Inc. $TRGP

Fayez Sarofim & Co trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 19.2% in the 2nd quarter, Holdings Channel reports. The firm owned 14,314 shares of the pipeline company’s stock after selling 3,405 shares during the quarter. Fayez Sarofim & Co’s holdings in Targa Resources were worth $2,492,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in TRGP. Disciplina Capital Management LLC purchased a new position in Targa Resources in the 1st quarter worth about $46,000. Elevation Point Wealth Partners LLC bought a new position in Targa Resources in the 2nd quarter worth about $53,000. Hilltop National Bank purchased a new position in shares of Targa Resources during the second quarter worth approximately $63,000. Private Trust Co. NA raised its stake in shares of Targa Resources by 57.1% during the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after acquiring an additional 173 shares in the last quarter. Finally, Wolff Wiese Magana LLC boosted its holdings in shares of Targa Resources by 61.0% in the second quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock valued at $84,000 after purchasing an additional 183 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This represents a 8.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction on Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider directly owned 22,139 shares of the company’s stock, valued at $3,812,557.19. The trade was a 47.46% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Price Performance

TRGP opened at $183.83 on Wednesday. The firm has a market capitalization of $39.46 billion, a PE ratio of 24.45, a price-to-earnings-growth ratio of 1.03 and a beta of 0.89. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The business’s 50-day moving average is $164.25 and its two-hundred day moving average is $165.86. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend was Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

Analyst Ratings Changes

Several research analysts have commented on TRGP shares. UBS Group restated a “buy” rating and set a $228.00 price objective on shares of Targa Resources in a report on Tuesday, December 2nd. Morgan Stanley lifted their price objective on Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. Royal Bank Of Canada upped their price objective on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Finally, Scotiabank reduced their price target on shares of Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating for the company in a report on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $210.57.

Targa Resources Profile

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.