Adams Natural Resources Fund Inc. Reduces Stake in Targa Resources Corp. (NYSE:TRGP)

Adams Natural Resources Fund Inc. trimmed its stake in Targa Resources Corp. (NYSE:TRGP) by 1.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 58,900 shares of the pipeline company’s stock after selling 700 shares during the quarter. Targa Resources makes up 1.3% of Adams Natural Resources Fund Inc.’s holdings, making the stock its 19th biggest position. Adams Natural Resources Fund Inc.’s holdings in Targa Resources were worth $8,718,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TRGP. RBA Wealth Management LLC boosted its stake in Targa Resources by 2.8% in the first quarter. RBA Wealth Management LLC now owns 26,302 shares of the pipeline company’s stock valued at $2,946,000 after acquiring an additional 721 shares during the last quarter. Mezzasalma Advisors LLC raised its position in shares of Targa Resources by 338.6% in the first quarter. Mezzasalma Advisors LLC now owns 11,395 shares of the pipeline company’s stock valued at $1,276,000 after purchasing an additional 8,797 shares during the period. Maryland State Retirement & Pension System raised its position in shares of Targa Resources by 1.5% in the first quarter. Maryland State Retirement & Pension System now owns 207,578 shares of the pipeline company’s stock valued at $23,247,000 after purchasing an additional 3,015 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of Targa Resources by 59.1% in the first quarter. Sequoia Financial Advisors LLC now owns 6,410 shares of the pipeline company’s stock valued at $718,000 after purchasing an additional 2,380 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Targa Resources by 15.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 612,735 shares of the pipeline company’s stock valued at $68,620,000 after purchasing an additional 79,832 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TRGP has been the topic of several research reports. Barclays boosted 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. Scotiabank boosted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Royal Bank of Canada boosted their price target on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Argus raised shares of Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $152.79.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $164.41 on Wednesday. The company’s fifty day moving average price is $153.83 and its 200-day moving average price is $134.87. The firm has a market capitalization of $36.02 billion, a price-to-earnings ratio of 34.61, a PEG ratio of 1.29 and a beta of 2.25. Targa Resources Corp. has a one year low of $81.03 and a one year high of $169.92. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter in the prior year, the firm earned $1.44 EPS. On average, equities research analysts anticipate that Targa Resources Corp. will post 5.92 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.82%. Targa Resources’s dividend payout ratio (DPR) is 63.16%.

Insider Activity

In other news, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total value of $124,896.60. Following the completion of the sale, the director now owns 238,591 shares of the company’s stock, valued at approximately $32,531,882.85. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares of the company’s stock, valued at $25,504,736.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Paul W. Chung sold 916 shares of the stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $136.35, for a total transaction of $124,896.60. Following the sale, the director now directly owns 238,591 shares of the company’s stock, valued at $32,531,882.85. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. Corporate insiders own 1.44% of the company’s stock.

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.