Targa Resources Corp. (NYSE:TRGP) is Recurrent Investment Advisors LLC’s 7th Largest Position

Recurrent Investment Advisors LLC decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 0.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 362,040 shares of the pipeline company’s stock after selling 1,425 shares during the quarter. Targa Resources makes up approximately 5.3% of Recurrent Investment Advisors LLC’s portfolio, making the stock its 7th biggest position. Recurrent Investment Advisors LLC owned approximately 0.17% of Targa Resources worth $53,586,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Caxton Associates LP acquired a new position in Targa Resources during the second quarter worth approximately $2,323,000. Cetera Investment Advisers increased its position in Targa Resources by 215.2% during the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after buying an additional 21,200 shares during the period. Braun Stacey Associates Inc. acquired a new position in Targa Resources during the third quarter worth approximately $11,042,000. Metis Global Partners LLC increased its position in Targa Resources by 12.7% during the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock worth $3,784,000 after buying an additional 2,890 shares during the period. Finally, Prospera Financial Services Inc increased its position in Targa Resources by 73.3% during the third quarter. Prospera Financial Services Inc now owns 11,984 shares of the pipeline company’s stock worth $1,774,000 after buying an additional 5,067 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 0.9 %

Shares of TRGP stock opened at $195.45 on Thursday. The business’s fifty day moving average price is $176.79 and its 200 day moving average price is $148.92. Targa Resources Corp. has a 1-year low of $81.03 and a 1-year high of $209.87. The firm has a market capitalization of $42.62 billion, a PE ratio of 35.34, a P/E/G ratio of 0.78 and a beta of 2.28. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to the consensus estimate 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 business earned $0.97 earnings per share. As a group, sell-side analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 30,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the company’s 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 completion of the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 183,260 shares of company stock worth $29,661,212. 1.39% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TRGP. Wells Fargo & Company boosted their target price on Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Royal Bank of Canada boosted their target price on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a report on Monday, November 11th. UBS Group boosted their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. US Capital Advisors lowered Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley boosted their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a report on Friday, October 25th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average price target of $176.50.

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.