Duff & Phelps Investment Management Co. Sells 47,446 Shares of Targa Resources Corp. (NYSE:TRGP)

Duff & Phelps Investment Management Co. trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 7.8% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 557,198 shares of the pipeline company’s stock after selling 47,446 shares during the quarter. Duff & Phelps Investment Management Co. owned approximately 0.26% of Targa Resources worth $99,460,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. MML Investors Services LLC raised 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 worth $3,791,000 after purchasing an additional 10,100 shares during the last quarter. Nordea Investment Management AB increased its position in Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock worth $5,070,000 after buying an additional 13,167 shares during the last quarter. Cerity Partners LLC grew its position in shares of Targa Resources by 47.5% in the third quarter. Cerity Partners LLC now owns 28,899 shares of the pipeline company’s stock valued at $4,277,000 after purchasing an additional 9,307 shares in the last quarter. Capital Investment Advisors LLC boosted its position in shares of Targa Resources by 191.4% during the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock valued at $1,476,000 after acquiring an additional 5,431 shares during the last quarter. Finally, Atomi Financial Group Inc. purchased a new stake in Targa Resources in the fourth quarter worth approximately $271,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $198.97 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a market cap of $43.40 billion, a price-to-earnings ratio of 34.66, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The business has a 50-day simple moving average of $199.68 and a two-hundred day simple moving average of $184.39.

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

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Buying and Selling at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of Targa Resources stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. The trade was a 11.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now 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 disclosure for this sale can be found here. Insiders sold 115,914 shares of company stock worth $22,613,288 in the last 90 days. 1.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on TRGP shares. Mizuho lifted their target price on shares of Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Barclays lifted their price target on Targa Resources from $204.00 to $211.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Citigroup boosted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Finally, Scotiabank lowered their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently 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.