Targa Resources, Inc. $TRGP Shares Sold by Penbrook Management LLC

Penbrook Management LLC lowered its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 27.0% in the third quarter, Holdings Channel reports. The institutional investor owned 8,911 shares of the pipeline company’s stock after selling 3,290 shares during the period. Targa Resources accounts for 1.0% of Penbrook Management LLC’s holdings, making the stock its 23rd biggest holding. Penbrook Management LLC’s holdings in Targa Resources were worth $1,493,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Vanguard Group Inc. increased its stake in shares of Targa Resources by 1.4% during the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after acquiring an additional 375,939 shares during the period. Geode Capital Management LLC boosted its holdings in Targa Resources by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after purchasing an additional 95,611 shares in the last quarter. Norges Bank purchased a new stake in Targa Resources in the 2nd quarter valued at approximately $708,366,000. Canada Pension Plan Investment Board increased its position in Targa Resources by 12.0% during the 2nd quarter. Canada Pension Plan Investment Board now owns 1,886,844 shares of the pipeline company’s stock worth $328,462,000 after purchasing an additional 201,927 shares during the period. Finally, Chickasaw Capital Management LLC raised its stake in shares of Targa Resources by 3.3% during the 2nd quarter. Chickasaw Capital Management LLC now owns 1,831,228 shares of the pipeline company’s stock worth $318,780,000 after buying an additional 57,886 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $177.84 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The company has a market capitalization of $38.17 billion, a P/E ratio of 23.65, a price-to-earnings-growth ratio of 0.88 and a beta of 0.87. The firm has a 50-day moving average price of $174.80 and a two-hundred day moving average price of $168.29. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $218.51.

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

Targa Resources Announces Dividend

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

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research analyst reports. Royal Bank Of Canada boosted their target price on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. BMO Capital Markets boosted their price objective on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. The Goldman Sachs Group lowered their target price on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. UBS Group reiterated a “buy” rating and set a $228.00 price target on shares of Targa Resources in a research report on Tuesday, December 2nd. Finally, Scotiabank boosted their price target on Targa Resources from $198.00 to $199.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $210.79.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the company’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 sale, the insider directly owned 22,139 shares in the company, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider directly owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is owned by corporate insiders.

About Targa Resources

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.