Quantbot Technologies LP Decreases Stock Position in Targa Resources, Inc. $TRGP

Quantbot Technologies LP trimmed its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 88.9% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,723 shares of the pipeline company’s stock after selling 37,711 shares during the quarter. Quantbot Technologies LP’s holdings in Targa Resources were worth $791,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of TRGP. Aster Capital Management DIFC Ltd raised its stake in shares of Targa Resources by 582.6% in the third quarter. Aster Capital Management DIFC Ltd now owns 587 shares of the pipeline company’s stock valued at $98,000 after acquiring an additional 501 shares during the period. Mill Creek Capital Advisors LLC boosted its stake in shares of Targa Resources by 7.0% during the 3rd quarter. Mill Creek Capital Advisors LLC now owns 1,868 shares of the pipeline company’s stock worth $313,000 after purchasing an additional 123 shares during the period. DNB Asset Management AS grew its holdings in Targa Resources by 2.7% during the 3rd quarter. DNB Asset Management AS now owns 43,628 shares of the pipeline company’s stock valued at $7,309,000 after purchasing an additional 1,138 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Targa Resources by 4.7% during the 3rd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 428,795 shares of the pipeline company’s stock valued at $71,840,000 after purchasing an additional 19,363 shares during the last quarter. Finally, US Bancorp DE raised its position in Targa Resources by 2.1% in the 3rd quarter. US Bancorp DE now owns 28,280 shares of the pipeline company’s stock worth $4,738,000 after purchasing an additional 581 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $237.30 on Friday. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The company has a market capitalization of $51.01 billion, a P/E ratio of 27.63, a P/E/G ratio of 1.01 and a beta of 0.84. The company’s 50-day simple moving average is $205.45 and its two-hundred day simple moving average is $180.59. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $250.00.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is presently 46.57%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Stifel Nicolaus raised their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Royal Bank Of Canada raised their price target on Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a research note on Friday, February 27th. Citigroup boosted their price objective on Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a report on Tuesday, February 24th. Finally, Barclays reaffirmed an “overweight” rating and issued a $226.00 price objective on shares of Targa Resources in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $240.79.

Insider Buying and Selling at Targa Resources

In other news, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $231.72, for a total transaction of $100,798.20. Following the transaction, the director owned 11,670 shares in the company, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Patrick J. Mcdonie sold 31,537 shares of Targa Resources stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the sale, the insider owned 305,163 shares of the company’s stock, valued at $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 104,929 shares of company stock worth $24,692,134 over the last quarter. Insiders own 1.34% of the company’s stock.

Targa Resources Company Profile

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.