Thrivent Financial for Lutherans Has $1.57 Million Stock Position in Targa Resources, Inc. $TRGP

Thrivent Financial for Lutherans reduced its position in Targa Resources, Inc. (NYSE:TRGP) by 49.8% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 9,347 shares of the pipeline company’s stock after selling 9,272 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Targa Resources were worth $1,566,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in TRGP. Peoples Financial Services CORP. acquired a new position in Targa Resources in the 3rd quarter worth approximately $34,000. Root Financial Partners LLC purchased a new stake in shares of Targa Resources in the third quarter valued at $39,000. Avion Wealth boosted its position in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after buying an additional 228 shares during the period. First Horizon Corp purchased a new position in shares of Targa Resources during the third quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Targa Resources during the second quarter valued at $53,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

NYSE TRGP opened at $218.42 on Friday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The stock has a market capitalization of $46.89 billion, a PE ratio of 29.04, a price-to-earnings-growth ratio of 0.95 and a beta of 0.88. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $224.98. The company has a 50 day moving average price of $189.29 and a two-hundred day moving average price of $173.02.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a $1.00 dividend. The ex-dividend date is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s dividend payout ratio is currently 53.19%.

Insider Buying and Selling

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the transaction, the insider directly owned 29,561 shares in the company, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TRGP has been the topic of several research analyst reports. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $196.00 price objective on shares of Targa Resources in a research report on Monday, January 12th. Morgan Stanley reiterated an “overweight” rating and issued a $266.00 price objective on shares of Targa Resources in a research note on Wednesday, January 28th. Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a research report on Thursday, November 6th. Finally, Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $213.50.

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.