Mount Lucas Management LP Reduces Stock Position in Targa Resources Corp. (NYSE:TRGP)

Mount Lucas Management LP cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 59.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,490 shares of the pipeline company's stock after selling 11,197 shares during the quarter. Mount Lucas Management LP's holdings in Targa Resources were worth $1,109,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the 2nd quarter worth approximately $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources during the third quarter worth about $29,000. UMB Bank n.a. raised its holdings 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 valued at $30,000 after acquiring an additional 222 shares during the last quarter. Whittier Trust Co. purchased a new position in Targa Resources during the second quarter worth about $44,000. Finally, EdgeRock Capital LLC acquired a new stake in shares of Targa Resources in the second quarter worth approximately $69,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Insiders Place Their Bets

In other news, insider Robert Muraro sold 2,500 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of Targa Resources stock in a transaction that occurred 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 transaction, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. This represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 185,760 shares of company stock worth $30,026,712. Company insiders own 1.39% of the company's stock.

Targa Resources Stock Up 2.3 %

Shares of TRGP stock traded up $4.47 on Friday, hitting $196.04. 1,376,500 shares of the stock were exchanged, compared to its average volume of 1,631,543. The firm has a market capitalization of $42.75 billion, a P/E ratio of 35.45, a price-to-earnings-growth ratio of 0.78 and a beta of 2.24. The business has a 50-day moving average of $163.51 and a 200 day moving average of $140.95. 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 fifty-two week low of $81.03 and a fifty-two week high of $197.14.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The firm had revenue of $3.85 billion for the quarter, compared to analysts' expectations of $4.24 billion. During the same period in the prior year, the firm earned $0.97 EPS. Equities analysts anticipate that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 1.53%. The ex-dividend date was Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is currently 54.25%.

Analysts Set New Price Targets

Several research analysts have commented on the company. The Goldman Sachs Group raised their price objective on Targa Resources from $147.00 to $163.00 and gave the company a "buy" rating in a research report on Thursday, September 19th. Bank of America started 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. Wells Fargo & Company raised their price target on Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a report on Wednesday, November 6th. Royal Bank of Canada raised their target price on Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Finally, Barclays upped their price target 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. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $169.79.

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.