Victory Capital Management Inc. Sells 3,583 Shares of Targa Resources Corp. (NYSE:TRGP)

Victory Capital Management Inc. reduced its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 125,398 shares of the pipeline company's stock after selling 3,583 shares during the period. Victory Capital Management Inc. owned 0.06% of Targa Resources worth $18,560,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources in the second quarter valued at $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth about $29,000. UMB Bank n.a. raised its holdings 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 during the period. Whittier Trust Co. acquired a new stake in Targa Resources in the 2nd quarter valued at about $44,000. Finally, EdgeRock Capital LLC bought a new position in Targa Resources during the second quarter worth about $69,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of TRGP traded up $4.62 during trading hours on Tuesday, hitting $203.62. 2,402,518 shares of the company were exchanged, compared to its average volume of 1,652,016. The company has a market cap of $44.40 billion, a price-to-earnings ratio of 35.99, a P/E/G ratio of 0.78 and a beta of 2.24. The firm's fifty day moving average is $164.61 and its 200 day moving average is $141.76. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $203.67. The company has a quick ratio of 0.61, a current ratio of 0.77 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 EPS 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 analyst estimates of $4.24 billion. During the same period last year, the firm earned $0.97 EPS. On average, equities analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.47%. Targa Resources's dividend payout ratio is currently 54.25%.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the business's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares of the company's stock, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 57.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 185,760 shares of company stock worth $30,026,712 over the last three months. Insiders own 1.44% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on TRGP. Bank of America initiated coverage on Targa Resources in a research report on Thursday, October 17th. They issued a "buy" rating and a $182.00 price objective for the company. Barclays upped their price objective 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. Morgan Stanley raised their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. Royal Bank of Canada upped their price target on shares of Targa Resources from $172.00 to $199.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company raised their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus price target of $169.79.

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.