Gateway Investment Advisers LLC Trims Stake in Targa Resources Corp. (NYSE:TRGP)

Gateway Investment Advisers LLC lowered its holdings in Targa Resources Corp. (NYSE:TRGP) by 2.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 124,870 shares of the pipeline company’s stock after selling 2,931 shares during the period. Gateway Investment Advisers LLC’s holdings in Targa Resources were worth $22,289,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources during the 2nd quarter worth $29,000. DT Investment Partners LLC bought a new position in Targa Resources in the third quarter valued at $29,000. Prospera Private Wealth LLC purchased a new stake in Targa Resources during the third quarter valued at about $35,000. Rosenberg Matthew Hamilton lifted its stake in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the last quarter. Finally, Huntington National Bank boosted its holdings in shares of Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 89 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 3.4 %

Shares of NYSE:TRGP opened at $212.51 on Friday. The stock’s 50-day moving average is $191.09 and its 200 day moving average is $162.91. The company has a market cap of $46.34 billion, a PE ratio of 38.43, a P/E/G ratio of 0.59 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $212.98.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the firm earned $0.97 earnings per share. Sell-side analysts anticipate that Targa Resources Corp. will post 6.4 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.41%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a report on Thursday, December 19th. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. Stifel Nicolaus upped their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Finally, Royal Bank of Canada upped their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $189.21.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Company 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.