Eagle Bay Advisors LLC Has $64,000 Stake in Targa Resources Corp. (NYSE:TRGP)

Eagle Bay Advisors LLC reduced its stake in Targa Resources Corp. (NYSE:TRGP) by 24.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 433 shares of the pipeline company’s stock after selling 143 shares during the quarter. Eagle Bay Advisors LLC’s holdings in Targa Resources were worth $64,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources during the 2nd quarter valued at $29,000. UMB Bank n.a. grew its holdings in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter valued at about $44,000. Register Financial Advisors LLC purchased a new position in Targa Resources during the 1st quarter valued at about $45,000. Finally, Rogco LP purchased a new position in Targa Resources during the 1st quarter valued at about $56,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.7 %

Shares of NYSE TRGP traded up $1.15 during trading on Wednesday, reaching $166.27. The company had a trading volume of 535,597 shares, compared to its average volume of 1,636,595. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $167.79. The stock has a market cap of $36.43 billion, a PE ratio of 34.76, a P/E/G ratio of 1.27 and a beta of 2.25. The business’s 50-day moving average is $151.48 and its 200 day moving average is $133.08. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98.

Targa Resources (NYSE:TRGP) last announced 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. The firm had revenue of $3.56 billion for the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the prior year, the company posted $1.44 earnings per share. As a group, equities analysts forecast that Targa Resources Corp. will post 6 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 1.80%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

Analyst Ratings Changes

A number of research firms have weighed in on TRGP. Royal Bank of Canada lifted their target price on Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 2nd. Wells Fargo & Company boosted their price objective on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Finally, Barclays boosted their price objective on Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus price target of $148.36.

Insider Activity

In other news, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the transaction, the chief accounting officer now directly 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 document filed with the SEC, which is available through the SEC website. In other Targa Resources news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total value of $160,140.26. Following the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares in the company, valued at approximately $25,504,736.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock valued at $26,815,021 over the last ninety days. 1.39% of the stock is currently owned by corporate insiders.

Targa Resources Company 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.