Targa Resources Corp. (NYSE:TRGP) Holdings Lowered by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 13.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 35,140 shares of the pipeline company's stock after selling 5,349 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Targa Resources were worth $5,201,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources in the 2nd quarter valued at about $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at about $29,000. UMB Bank n.a. lifted its stake in shares of Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock valued at $30,000 after purchasing an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at about $35,000. Finally, Whittier Trust Co. acquired a new position in shares of Targa Resources in the 2nd quarter valued at about $44,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider D. Scott Pryor sold 30,000 shares of the company's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company's stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Julie H. Boushka sold 3,260 shares of the company's stock in a transaction 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 approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 183,260 shares of company stock worth $29,661,212 over the last 90 days. 1.44% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on TRGP shares. Morgan Stanley lifted their price objective on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research note on Friday, October 25th. UBS Group boosted their price target on Targa Resources from $182.00 to $246.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Barclays boosted their price target on Targa Resources from $155.00 to $171.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 15th. Royal Bank of Canada boosted their price target on Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a research report on Monday, November 11th. Finally, Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They set a "buy" rating and a $182.00 price target on the stock. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $176.50.

Targa Resources Stock Performance

TRGP traded up $2.46 during trading on Tuesday, reaching $197.00. 1,474,784 shares of the company were exchanged, compared to its average volume of 1,655,028. The stock has a market cap of $42.96 billion, a P/E ratio of 35.62, a PEG ratio of 0.77 and a beta of 2.28. The firm has a 50 day moving average of $175.99 and a 200 day moving average of $148.59. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $209.87.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the firm posted $0.97 EPS. On average, sell-side analysts forecast that Targa Resources Corp. will post 6.28 EPS for the current fiscal 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 issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.52%. Targa Resources's dividend payout ratio (DPR) is 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.