Pitcairn Co. Sells 1,316 Shares of Targa Resources Corp. (NYSE:TRGP)

Pitcairn Co. lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 26.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,602 shares of the pipeline company’s stock after selling 1,316 shares during the period. Pitcairn Co.’s holdings in Targa Resources were worth $533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the third quarter worth approximately $29,000. UMB Bank n.a. raised its position in shares of Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Targa Resources in the 3rd quarter worth $35,000. Finally, Whittier Trust Co. acquired a new stake in Targa Resources in the 2nd quarter valued at $44,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. This trade represents a 8.49 % 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. Also, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the completion of the transaction, the insider now directly owns 174,451 shares of the company’s stock, valued at approximately $25,504,736.20. This represents a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on TRGP shares. The Goldman Sachs Group raised their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Royal Bank of Canada increased their price target on Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Barclays increased their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Wells Fargo & Company upped their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley raised their target price on Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $176.50.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $201.10 on Tuesday. The company has a 50-day moving average price of $170.38 and a two-hundred day moving average price of $144.99. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $43.85 billion, a PE ratio of 36.37, a P/E/G ratio of 0.82 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business earned $0.97 EPS. Equities analysts forecast that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.49%. Targa Resources’s dividend payout ratio (DPR) is currently 54.25%.

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.