Bank of Nova Scotia Sells 131,642 Shares of Targa Resources Corp. (NYSE:TRGP)

Bank of Nova Scotia lowered its position in Targa Resources Corp. (NYSE:TRGPGet Rating) by 86.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,276 shares of the pipeline company’s stock after selling 131,642 shares during the period. Bank of Nova Scotia’s holdings in Targa Resources were worth $1,210,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Targa Resources by 0.9% in the first quarter. BlackRock Inc. now owns 22,156,301 shares of the pipeline company’s stock worth $1,672,136,000 after acquiring an additional 196,486 shares during the period. State Street Corp grew its holdings in shares of Targa Resources by 14.4% in the first quarter. State Street Corp now owns 7,836,957 shares of the pipeline company’s stock worth $591,455,000 after acquiring an additional 986,283 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Targa Resources by 6.6% in the first quarter. Goldman Sachs Group Inc. now owns 6,802,014 shares of the pipeline company’s stock worth $513,349,000 after acquiring an additional 421,874 shares during the period. Wellington Management Group LLP grew its holdings in shares of Targa Resources by 424.5% in the first quarter. Wellington Management Group LLP now owns 3,777,797 shares of the pipeline company’s stock worth $285,110,000 after acquiring an additional 3,057,486 shares during the period. Finally, Jennison Associates LLC grew its holdings in shares of Targa Resources by 11.9% in the second quarter. Jennison Associates LLC now owns 3,751,932 shares of the pipeline company’s stock worth $223,878,000 after acquiring an additional 398,776 shares during the period. Institutional investors own 87.45% of the company’s stock.

Targa Resources Price Performance

NYSE:TRGP opened at $72.33 on Friday. The company has a current ratio of 0.74, a quick ratio of 0.60 and a debt-to-equity ratio of 2.20. The company has a market capitalization of $16.37 billion, a P/E ratio of 68.24 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 business’s 50-day moving average is $67.28 and its 200 day moving average is $67.31.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 15th. Investors of record on Monday, October 31st were given a $0.35 dividend. The ex-dividend date was Friday, October 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.94%. Targa Resources’s dividend payout ratio is currently 132.08%.

Insider Buying and Selling

In related news, CAO Julie H. Boushka sold 2,086 shares of the business’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $70.87, for a total value of $147,834.82. Following the sale, the chief accounting officer now directly owns 57,839 shares in the company, valued at $4,099,049.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CAO Julie H. Boushka sold 2,086 shares of the business’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $70.87, for a total value of $147,834.82. Following the sale, the chief accounting officer now directly owns 57,839 shares in the company, valued at $4,099,049.93. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joe Bob Perkins sold 62,326 shares of the business’s stock in a transaction dated Wednesday, November 2nd. The stock was sold at an average price of $67.84, for a total value of $4,228,195.84. Following the completion of the sale, the director now owns 88,692 shares in the company, valued at $6,016,865.28. The disclosure for this sale can be found here. 1.10% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Morgan Stanley lifted their target price on Targa Resources from $105.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, October 19th. Mizuho lifted their target price on Targa Resources from $91.00 to $92.00 and gave the company a “buy” rating in a research report on Tuesday, November 8th. US Capital Advisors reiterated a “buy” rating on shares of Targa Resources in a research report on Monday, July 25th. The Goldman Sachs Group reiterated a “buy” rating and set a $93.00 target price on shares of Targa Resources in a research report on Thursday, September 8th. Finally, StockNews.com assumed coverage on Targa Resources in a research report on Wednesday, October 12th. They set a “hold” rating on the stock. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $84.91.

About Targa Resources

(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.

Further Reading

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources Corp. (NYSE:TRGPGet Rating).

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

Receive News & Ratings for Targa Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Targa Resources and related companies with MarketBeat.com's FREE daily email newsletter.