Northwest & Ethical Investments L.P. Sells 350 Shares of Targa Resources Corp. (NYSE:TRGP)

Northwest & Ethical Investments L.P. decreased its position in shares of Targa Resources Corp. (NYSE:TRGP) by 17.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,700 shares of the pipeline company’s stock after selling 350 shares during the quarter. Northwest & Ethical Investments L.P.’s holdings in Targa Resources were worth $303,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. MML Investors Services LLC increased its position in Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after purchasing an additional 10,100 shares during the period. Nordea Investment Management AB increased its holdings in Targa Resources by 85.7% during the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after buying an additional 13,167 shares during the period. Cerity Partners LLC raised its stake in Targa Resources by 47.5% in the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock worth $4,277,000 after buying an additional 9,307 shares in the last quarter. Capital Investment Advisors LLC lifted its holdings in Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after buying an additional 5,431 shares during the period. Finally, Atomi Financial Group Inc. bought a new stake in Targa Resources during the 4th quarter valued at $271,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $197.25 on Friday. Targa Resources Corp. has a 52 week low of $110.09 and a 52 week high of $218.51. The business’s 50 day moving average price is $199.77 and its 200 day moving average price is $183.11. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market cap of $43.02 billion, a P/E ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. On average, sell-side analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.52%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the sale, the director now directly owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at $141,555,510.24. The trade was a 6.31 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last quarter. 1.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. Barclays upped their price objective on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday. Citigroup raised their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Morgan Stanley boosted their price objective on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Royal Bank of Canada raised their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Finally, The Goldman Sachs Group upped their price target on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a research report on Thursday, December 19th. 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 company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $211.00.

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.