Hardy Reed LLC Sells 269 Shares of Targa Resources Corp. (NYSE:TRGP)

Hardy Reed LLC lessened its position in Targa Resources Corp. (NYSE:TRGP) by 5.2% in the 3rd quarter, Holdings Channel reports. The firm owned 4,911 shares of the pipeline company’s stock after selling 269 shares during the period. Hardy Reed LLC’s holdings in Targa Resources were worth $727,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL bought a new position in Targa Resources in the second quarter valued at approximately $29,000. DT Investment Partners LLC acquired a new position in Targa Resources during the 3rd quarter worth approximately $29,000. UMB Bank n.a. grew its position 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 in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Targa Resources in the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $44,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $203.42 on Wednesday. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The stock has a market capitalization of $44.36 billion, a price-to-earnings ratio of 36.78, a price-to-earnings-growth ratio of 0.80 and a beta of 2.24. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company’s 50 day simple moving average is $171.40 and its 200 day simple moving average is $145.62.

Targa Resources (NYSE:TRGP) last issued its quarterly 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 company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the company posted $0.97 EPS. As a group, research analysts predict that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.47%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated 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 sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the company’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 directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.44% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on TRGP shares. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Barclays increased their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Royal Bank of Canada upped their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Bank of America assumed coverage on Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Finally, The Goldman Sachs Group increased their price objective on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One investment 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 company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $176.50.

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.