Targa Resources, Inc. $TRGP Shares Sold by VestGen Advisors LLC

VestGen Advisors LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 72.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,181 shares of the pipeline company’s stock after selling 3,031 shares during the quarter. VestGen Advisors LLC’s holdings in Targa Resources were worth $319,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. BlackRock Inc. boosted its stake in shares of Targa Resources by 1.4% during the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company’s stock valued at $5,586,077,000 after buying an additional 291,114 shares during the last quarter. State Street Corp increased its stake in shares of Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company’s stock worth $3,814,604,000 after buying an additional 626,885 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Targa Resources by 21.7% in the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company’s stock worth $811,190,000 after buying an additional 539,582 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Targa Resources by 28.0% in the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company’s stock worth $790,299,000 after buying an additional 688,598 shares during the last quarter. Finally, Amundi raised its holdings in Targa Resources by 10.8% in the second quarter. Amundi now owns 2,222,046 shares of the pipeline company’s stock valued at $595,817,000 after acquiring an additional 215,915 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP opened at $298.29 on Wednesday. The company has a 50-day moving average price of $290.31 and a two-hundred day moving average price of $260.01. Targa Resources, Inc. has a 52 week low of $152.22 and a 52 week high of $316.60. The stock has a market cap of $63.96 billion, a price-to-earnings ratio of 28.52, a price-to-earnings-growth ratio of 1.22 and a beta of 0.76. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The firm had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Analysts forecast that Targa Resources, Inc. will post 11.42 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, October 30th. This represents a $5.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is presently 47.80%.

Insider Buying and Selling at Targa Resources

In related news, Director Paul W. Chung sold 1,816 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the sale, the director owned 44,000 shares of the company’s stock, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director owned 1,529 shares of the company’s stock, valued at $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the topic of a number of recent analyst reports. UBS Group restated a “buy” rating and issued a $318.00 target price (up from $305.00) on shares of Targa Resources in a research note on Thursday, July 9th. Royal Bank Of Canada lifted their price target on Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Citigroup upped their price objective on Targa Resources from $303.00 to $325.00 and gave the company a “buy” rating in a research note on Tuesday, October 13th. Finally, Wolfe Research set a $335.00 target price on Targa Resources in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company’s stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and a consensus price target of $325.47.

Targa Resources Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.