Patton Fund Management Inc. Sells 1,586 Shares of Targa Resources Corp. (NYSE:TRGP)

Patton Fund Management Inc. trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 5.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 29,256 shares of the pipeline company’s stock after selling 1,586 shares during the quarter. Patton Fund Management Inc.’s holdings in Targa Resources were worth $4,330,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in Targa Resources by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock worth $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Blackstone Inc. boosted its position in shares of Targa Resources by 2.7% during the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after buying an additional 252,729 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after buying an additional 271,444 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Targa Resources by 26.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after buying an additional 360,675 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Targa Resources by 71.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,024,713 shares of the pipeline company’s stock valued at $114,758,000 after acquiring an additional 428,276 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Barclays upped their target price on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday. Royal Bank of Canada boosted their target price on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research note on Wednesday. Argus raised Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Bank of America assumed coverage on Targa Resources in a research report on Thursday. They issued a “buy” rating and a $182.00 price objective on the stock. Finally, Scotiabank raised their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $148.36.

Targa Resources Price Performance

Shares of TRGP stock traded up $0.42 on Thursday, reaching $163.05. The company’s stock had a trading volume of 253,925 shares, compared to its average volume of 1,646,901. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $167.79. The stock’s 50 day simple moving average is $149.38 and its 200-day simple moving average is $131.59. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company has a market capitalization of $35.72 billion, a P/E ratio of 34.24, a PEG ratio of 1.32 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. During the same quarter last year, the company posted $1.44 EPS. As a group, equities analysts predict that Targa Resources Corp. will post 5.9 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 issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction that occurred on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Paul W. Chung sold 916 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was 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 directly 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,534 shares of company stock valued at $26,815,021. 1.44% of the stock is owned by corporate insiders.

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.