Chevy Chase Trust Holdings LLC Decreases Stock Position in Targa Resources Corp. (NYSE:TRGP)

Chevy Chase Trust Holdings LLC reduced its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 3.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 117,466 shares of the pipeline company's stock after selling 3,591 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Targa Resources worth $17,386,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in TRGP. DT Investment Partners LLC bought a new position in shares of Targa Resources during the 3rd quarter valued at approximately $29,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter valued at approximately $29,000. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% in the 2nd 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 Targa Resources in the 3rd quarter worth approximately $35,000. Finally, Whittier Trust Co. bought a new position in Targa Resources in the 2nd quarter worth approximately $44,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Down 0.9 %

NYSE:TRGP traded down $1.68 during midday trading on Wednesday, hitting $195.45. 1,336,223 shares of the company traded hands, compared to its average volume of 1,654,322. The firm's fifty day moving average is $176.79 and its 200-day moving average is $148.92. Targa Resources Corp. has a 12-month low of $81.03 and a 12-month high of $209.87. The firm has a market capitalization of $42.62 billion, a P/E ratio of 35.34, a P/E/G ratio of 0.77 and a beta of 2.28. 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 (NYSE:TRGP - Get Free Report) last released its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts' consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same quarter last year, the firm posted $0.97 earnings per share. On average, sell-side analysts predict that Targa Resources Corp. will post 6.28 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid 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 yield of 1.53%. Targa Resources's payout ratio is 54.25%.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the firm's stock in a transaction dated 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 sale, the insider now owns 82,979 shares of the company's stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Julie H. Boushka sold 3,260 shares of the firm's 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 sale, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 183,260 shares of company stock valued at $29,661,212. 1.44% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TRGP has been the subject of several recent analyst reports. Stifel Nicolaus upped their price target on Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a research note on Wednesday, November 20th. US Capital Advisors downgraded Targa Resources from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, November 26th. Argus upgraded Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Bank of America assumed coverage on Targa Resources in a research note on Thursday, October 17th. They issued a "buy" rating and a $182.00 price target for the company. Finally, Royal Bank of Canada upped their price objective on Targa Resources from $172.00 to $199.00 and gave the stock an "outperform" rating in a report on Monday, November 11th. One equities research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $176.50.

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.