Targa Resources Corp. (NYSE:TRGP) Shares Sold by ING Groep NV

ING Groep NV lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 78.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,300 shares of the pipeline company’s stock after selling 107,935 shares during the period. ING Groep NV’s holdings in Targa Resources were worth $4,337,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new position in shares of Targa Resources in the 2nd quarter valued at about $29,000. DT Investment Partners LLC acquired a new position in Targa Resources in the third quarter valued at approximately $29,000. UMB Bank n.a. increased its stake in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after purchasing an additional 222 shares during the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources during the second quarter worth approximately $44,000. Finally, EdgeRock Capital LLC purchased a new stake in shares of Targa Resources during the 2nd quarter worth approximately $69,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TRGP. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. The Goldman Sachs Group boosted their price objective on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Barclays upped their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, UBS Group raised their price objective on shares of Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a research report on Friday. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $169.79.

Targa Resources Price Performance

TRGP stock opened at $196.04 on Friday. The company has a market cap of $42.75 billion, a price-to-earnings ratio of 35.31, a PEG ratio of 0.77 and a beta of 2.24. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a 50 day moving average of $162.53 and a 200-day moving average of $140.22. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $197.14.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the previous year, the firm posted $0.97 earnings per share. As a group, equities analysts expect that Targa Resources Corp. will post 6.19 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.53%. Targa Resources’s dividend payout ratio is presently 54.25%.

Insider Activity at Targa Resources

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 1.41 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the stock in a transaction 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 sale, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 185,760 shares of company stock valued at $30,026,712. Insiders own 1.39% of the company’s stock.

About Targa Resources

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.