Stifel Financial Corp Lowers Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Stifel Financial Corp decreased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 3.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 190,723 shares of the pipeline company's stock after selling 6,946 shares during the period. Stifel Financial Corp owned about 0.09% of Targa Resources worth $28,228,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Targa Resources in the 2nd quarter worth $29,000. DT Investment Partners LLC purchased a new stake in Targa Resources in the third quarter worth about $29,000. UMB Bank n.a. grew its holdings in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company's stock worth $30,000 after acquiring an additional 222 shares in the last quarter. Prospera Private Wealth LLC bought a new position in Targa Resources during the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter valued at about $44,000. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of recent research reports. Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an "overweight" rating in a research note on Tuesday, October 15th. UBS Group increased their target price on Targa Resources from $182.00 to $246.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Argus upgraded Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Morgan Stanley raised their price objective on Targa Resources from $173.00 to $202.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Finally, Stifel Nicolaus boosted 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. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $176.50.

Insider Transactions at Targa Resources

In related news, insider D. Scott Pryor sold 30,000 shares of the business's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at $17,181,399.10. This trade represents a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 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.

Targa Resources Stock Performance

Shares of NYSE TRGP traded down $7.41 during midday trading on Monday, reaching $186.93. The company had a trading volume of 2,284,872 shares, compared to its average volume of 1,654,672. The business's 50-day simple moving average is $178.78 and its 200 day simple moving average is $150.27. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $40.76 billion, a P/E ratio of 35.14, a P/E/G ratio of 0.77 and a beta of 2.28.

Targa Resources (NYSE:TRGP - Get Free Report) 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 return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the previous year, the company posted $0.97 earnings per share. On average, analysts forecast that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm 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. This represents a $3.00 annualized dividend and a dividend yield of 1.60%. The ex-dividend date was Thursday, October 31st. Targa Resources's dividend payout ratio (DPR) is currently 54.25%.

About Targa Resources

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.