Allspring Global Investments Holdings LLC Decreases Stock Position in Targa Resources Corp. (NYSE:TRGP)

Allspring Global Investments Holdings LLC reduced its position in shares of Targa Resources Corp. (NYSE:TRGPGet Rating) by 46.7% during the third quarter, HoldingsChannel reports. The firm owned 17,534 shares of the pipeline company’s stock after selling 15,381 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Targa Resources were worth $1,057,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. EdgeRock Capital LLC purchased a new position in Targa Resources in the third quarter valued at about $28,000. Chilton Capital Management LLC acquired a new position in Targa Resources in the second quarter worth about $31,000. SeaCrest Wealth Management LLC acquired a new position in shares of Targa Resources in the 2nd quarter worth approximately $34,000. Ronald Blue Trust Inc. acquired a new stake in shares of Targa Resources during the 2nd quarter valued at approximately $47,000. Finally, Fieldpoint Private Securities LLC lifted its stake in Targa Resources by 21.8% during the second quarter. Fieldpoint Private Securities LLC now owns 1,074 shares of the pipeline company’s stock worth $64,000 after purchasing an additional 192 shares during the last quarter. 88.29% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Up 1.1 %

NYSE:TRGP opened at $75.66 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.74 and a debt-to-equity ratio of 2.20. Targa Resources Corp. has a 1-year low of $52.60 and a 1-year high of $81.50. The firm has a market capitalization of $17.13 billion, a price-to-earnings ratio of 71.38 and a beta of 2.30. The stock has a fifty day simple moving average of $72.63 and a 200 day simple moving average of $68.56.

Targa Resources (NYSE:TRGPGet Rating) last released its quarterly earnings results on Thursday, November 3rd. The pipeline company reported $0.84 earnings per share for the quarter, missing analysts’ consensus estimates of $1.23 by ($0.39). Targa Resources had a net margin of 2.34% and a return on equity of 21.02%. The company had revenue of $5.36 billion during the quarter, compared to analyst estimates of $6.96 billion. Sell-side analysts forecast that Targa Resources Corp. will post 4.53 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 15th. Shareholders of record on Tuesday, January 31st will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Monday, January 30th. This represents a $1.40 dividend on an annualized basis and a yield of 1.85%. Targa Resources’s payout ratio is presently 132.08%.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 2,086 shares of the firm’s stock in a transaction dated Wednesday, November 9th. The stock was sold at an average price of $70.87, for a total transaction of $147,834.82. Following the completion of the sale, the chief accounting officer now directly owns 57,839 shares in the company, valued at approximately $4,099,049.93. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Robert Muraro sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, December 5th. The stock was sold at an average price of $74.95, for a total value of $374,750.00. Following the transaction, the insider now directly owns 176,947 shares of the company’s stock, valued at approximately $13,262,177.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 2,086 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $70.87, for a total value of $147,834.82. Following the completion of the transaction, the chief accounting officer now directly owns 57,839 shares in the company, valued at $4,099,049.93. The disclosure for this sale can be found here. In the last ninety days, insiders sold 69,512 shares of company stock worth $4,758,381. 1.10% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Citigroup began coverage on shares of Targa Resources in a report on Thursday, December 8th. They set a “buy” rating and a $95.00 target price on the stock. Mizuho raised their target price on Targa Resources from $91.00 to $92.00 and gave the company a “buy” rating in a research note on Tuesday, November 8th. TheStreet lowered shares of Targa Resources from a “b-” rating to a “c” rating in a research report on Monday, December 5th. StockNews.com initiated coverage on shares of Targa Resources in a research report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, UBS Group cut their price target on Targa Resources from $107.00 to $106.00 and set a “buy” rating on the stock in a report on Thursday, December 15th. One research analyst has rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus price target of $91.64.

About Targa Resources

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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

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