Principal Street Partners LLC Decreases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Principal Street Partners LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 4.9% during the 4th quarter, HoldingsChannel reports. The firm owned 3,912 shares of the pipeline company’s stock after selling 200 shares during the quarter. Principal Street Partners LLC’s holdings in Targa Resources were worth $340,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in TRGP. Addison Advisors LLC acquired a new position in Targa Resources during the fourth quarter worth $27,000. VisionPoint Advisory Group LLC raised its holdings in shares of Targa Resources by 111.2% during the 3rd quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 209 shares during the period. EdgeRock Capital LLC acquired a new position in shares of Targa Resources during the 4th quarter valued at about $42,000. Rational Advisors LLC purchased a new stake in shares of Targa Resources in the third quarter valued at about $43,000. Finally, Delos Wealth Advisors LLC acquired a new stake in Targa Resources during the fourth quarter worth about $43,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Targa Resources news, CAO Julie H. Boushka sold 2,691 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $113.00, for a total value of $304,083.00. Following the sale, the chief accounting officer now owns 57,228 shares of the company’s stock, valued at approximately $6,466,764. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now owns 156,098 shares in the company, valued at $15,141,506. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 2,691 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $113.00, for a total value of $304,083.00. Following the completion of the sale, the chief accounting officer now owns 57,228 shares in the company, valued at $6,466,764. The disclosure for this sale can be found here. Insiders sold 91,657 shares of company stock valued at $9,079,078 in the last three months. 1.39% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Barclays boosted their target price on shares of Targa Resources from $116.00 to $122.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. The Goldman Sachs Group increased their price objective on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Citigroup lifted their target price on Targa Resources from $104.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, February 21st. Royal Bank of Canada increased their price target on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a report on Monday, February 26th. Finally, Wells Fargo & Company boosted their price objective on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday, May 3rd. One investment analyst has rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $119.92.

Targa Resources Stock Down 0.3 %

Shares of NYSE:TRGP opened at $113.20 on Friday. The firm’s 50-day moving average is $111.53 and its two-hundred day moving average is $95.77. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.70 and a quick ratio of 0.62. Targa Resources Corp. has a 1 year low of $67.36 and a 1 year high of $117.87. The firm has a market capitalization of $25.10 billion, a PE ratio of 23.29 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. Analysts predict that Targa Resources Corp. will post 5.61 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.75 dividend. The ex-dividend date is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. This represents a $3.00 dividend on an annualized basis and a yield of 2.65%. Targa Resources’s dividend payout ratio (DPR) is 61.73%.

Targa Resources 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.