Gateway Investment Advisers LLC Lowers Position in Targa Resources Corp. (NYSE:TRGP)

Gateway Investment Advisers LLC lowered its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 124,870 shares of the pipeline company's stock after selling 2,931 shares during the period. Gateway Investment Advisers LLC owned approximately 0.06% of Targa Resources worth $22,289,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TRGP. Oppenheimer Asset Management Inc. increased its stake in Targa Resources by 1.9% in the second quarter. Oppenheimer Asset Management Inc. now owns 14,055 shares of the pipeline company's stock valued at $1,810,000 after purchasing an additional 262 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in Targa Resources by 4.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 454,303 shares of the pipeline company's stock worth $58,505,000 after buying an additional 18,249 shares during the period. Brown Brothers Harriman & Co. boosted its holdings in Targa Resources by 28.9% in the second quarter. Brown Brothers Harriman & Co. now owns 848 shares of the pipeline company's stock worth $109,000 after acquiring an additional 190 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Targa Resources by 22.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 26,475 shares of the pipeline company's stock worth $3,409,000 after purchasing an additional 4,928 shares during the period. Finally, Blair William & Co. IL lifted its holdings in shares of Targa Resources by 4.1% in the 2nd quarter. Blair William & Co. IL now owns 16,248 shares of the pipeline company's stock worth $2,092,000 after purchasing an additional 638 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of the 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 approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction, the chief accounting officer now directly owns 35,143 shares of the company's stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their position. The disclosure for this sale can be found here. 1.44% of the stock is owned by insiders.

Targa Resources Stock Performance

NYSE TRGP traded up $3.05 on Friday, hitting $216.00. 1,851,421 shares of the stock traded hands, compared to its average volume of 1,554,140. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The business's fifty day moving average is $191.09 and its two-hundred day moving average is $162.91. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $217.02. The firm has a market capitalization of $47.10 billion, a price-to-earnings ratio of 39.06, a PEG ratio of 0.59 and a beta of 2.30.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the company earned $0.97 EPS. As a group, equities analysts anticipate that Targa Resources Corp. will post 6.4 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date is Friday, January 31st. Targa Resources's payout ratio is currently 54.25%.

Analyst Ratings Changes

A number of analysts have commented on the stock. The Goldman Sachs Group boosted their price target on shares of Targa Resources from $185.00 to $223.00 and gave the company a "buy" rating in a research note on Thursday, December 19th. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a "buy" rating in a report on Wednesday, November 20th. Barclays lifted their price target on Targa Resources from $171.00 to $204.00 and gave the company an "overweight" rating in a research note on Monday. Scotiabank initiated coverage on Targa Resources in a research note on Friday, January 10th. They issued a "sector outperform" rating and a $218.00 price objective for the company. Finally, 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 objective on the stock. One investment 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's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $189.21.

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.