Targa Resources Corp. (NYSE:TRGP) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp lowered its holdings in shares of Targa Resources Corp. (NYSE:TRGPGet Rating) by 23.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 884 shares of the pipeline company’s stock after selling 277 shares during the period. Fifth Third Bancorp’s holdings in Targa Resources were worth $53,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Herold Advisors Inc. purchased a new stake in shares of Targa Resources during the first quarter worth about $29,000. Allworth Financial LP grew its holdings in Targa Resources by 403.3% in the first quarter. Allworth Financial LP now owns 453 shares of the pipeline company’s stock valued at $34,000 after purchasing an additional 363 shares during the period. Prospera Financial Services Inc purchased a new stake in Targa Resources in the first quarter valued at approximately $36,000. MCF Advisors LLC purchased a new stake in Targa Resources in the first quarter valued at approximately $39,000. Finally, TCI Wealth Advisors Inc. grew its holdings in Targa Resources by 47.4% in the first quarter. TCI Wealth Advisors Inc. now owns 628 shares of the pipeline company’s stock valued at $47,000 after purchasing an additional 202 shares during the period. Institutional investors and hedge funds own 87.45% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on TRGP. TheStreet upgraded shares of Targa Resources from a “c” rating to a “b-” rating in a report on Friday, October 28th. US Capital Advisors reiterated a “buy” rating on shares of Targa Resources in a research note on Monday, July 25th. Mizuho boosted their price objective on shares of Targa Resources from $87.00 to $91.00 and gave the stock a “buy” rating in a research note on Tuesday, August 9th. The Goldman Sachs Group reiterated a “buy” rating and set a $93.00 price objective on shares of Targa Resources in a research note on Thursday, September 8th. Finally, StockNews.com assumed coverage on shares of Targa Resources in a research note on Wednesday, October 12th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average target price of $83.08.

Targa Resources Trading Up 1.0 %

TRGP opened at $70.37 on Monday. The stock has a market capitalization of $15.94 billion, a PE ratio of 66.39 and a beta of 2.36. Targa Resources Corp. has a 12-month low of $47.57 and a 12-month high of $81.50. The firm’s fifty day moving average price is $66.78 and its 200 day moving average price is $67.44. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.69 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGPGet Rating) last issued its earnings results on Thursday, August 4th. The pipeline company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.55. The company had revenue of $6.06 billion for the quarter, compared to analysts’ expectations of $5.88 billion. Targa Resources had a net margin of 2.34% and a return on equity of 21.25%. As a group, research analysts expect that Targa Resources Corp. will post 4.99 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 15th. Shareholders of record on Monday, October 31st will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, October 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.99%. Targa Resources’s dividend payout ratio (DPR) is 132.08%.

Insiders Place Their Bets

In other Targa Resources news, insider Regina Gregory sold 6,494 shares of the stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $67.39, for a total transaction of $437,630.66. Following the sale, the insider now directly owns 55,592 shares of the company’s stock, valued at $3,746,344.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Joe Bob Perkins sold 62,326 shares of the company’s stock in a transaction dated Wednesday, November 2nd. The shares were sold at an average price of $67.84, for a total transaction of $4,228,195.84. Following the completion of the transaction, the director now owns 88,692 shares in the company, valued at $6,016,865.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Regina Gregory sold 6,494 shares of the company’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $67.39, for a total transaction of $437,630.66. Following the transaction, the insider now owns 55,592 shares of the company’s stock, valued at approximately $3,746,344.88. The disclosure for this sale can be found here. 1.10% of the stock is owned by corporate insiders.

Targa Resources Company Profile

(Get Rating)

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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