Crossmark Global Holdings Inc. Cuts Stake in Targa Resources Corp. (NYSE:TRGP)

Crossmark Global Holdings Inc. trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP) by 9.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 9,924 shares of the pipeline company’s stock after selling 996 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Targa Resources were worth $1,771,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources during the 2nd quarter valued at about $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources during the 3rd quarter valued at about $29,000. Prospera Private Wealth LLC purchased a new stake in Targa Resources during the 3rd quarter valued at about $35,000. Rosenberg Matthew Hamilton grew its position in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after purchasing an additional 89 shares during the last quarter. Finally, UMB Bank n.a. grew its position in Targa Resources by 39.6% during the 4th quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after purchasing an additional 106 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the sale, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Scotiabank assumed coverage on shares of Targa Resources in a report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. Wells Fargo & Company raised their price target on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Stifel Nicolaus raised their price target on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a report on Wednesday, November 20th. Finally, US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $189.21.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $211.58 on Friday. Targa Resources Corp. has a twelve month low of $83.35 and a twelve month high of $218.51. The stock has a market capitalization of $46.14 billion, a PE ratio of 38.26, a price-to-earnings-growth ratio of 0.65 and a beta of 2.30. The firm’s 50 day moving average price is $192.80 and its 200-day moving average price is $165.43. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.

Targa Resources (NYSE:TRGP) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping 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 company had revenue of $3.85 billion for the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the business earned $0.97 EPS. Equities research analysts expect that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.42%. The ex-dividend date is Friday, January 31st. Targa Resources’s payout ratio is currently 54.25%.

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.