Aviva PLC Sells 55,011 Shares of Targa Resources Corp. (NYSE:TRGP)

Aviva PLC decreased its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 16.5% during the fourth quarter, HoldingsChannel reports. The firm owned 278,524 shares of the pipeline company’s stock after selling 55,011 shares during the quarter. Aviva PLC’s holdings in Targa Resources were worth $49,717,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Coldstream Capital Management Inc. boosted its position in Targa Resources by 0.9% during the 3rd quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 66 shares in the last quarter. Fisher Asset Management LLC boosted its position in shares of Targa Resources by 3.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after purchasing an additional 67 shares in the last quarter. Mather Group LLC. grew its stake in Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after purchasing an additional 68 shares during the period. Keybank National Association OH raised its holdings in Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after purchasing an additional 70 shares in the last quarter. Finally, Huntington National Bank lifted its position in Targa Resources by 16.5% during the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company’s stock valued at $99,000 after buying an additional 79 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares in the company, valued at approximately $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 115,914 shares of company stock valued at $22,613,288. 1.39% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on TRGP. Citigroup increased their price target on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a research note on Tuesday, February 25th. Wells Fargo & Company lifted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Barclays upped their price target on Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Royal Bank of Canada lifted their price objective on Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Finally, Scotiabank cut their target price on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 6th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average target price of $211.00.

Targa Resources Stock Down 11.1 %

TRGP opened at $160.64 on Friday. The firm’s 50 day simple moving average is $197.03 and its two-hundred day simple moving average is $186.50. The company has a market capitalization of $34.95 billion, a PE ratio of 27.99, a PEG ratio of 0.61 and a beta of 1.75. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. 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) last announced its earnings results on Thursday, February 20th. The pipeline company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.48 billion. As a group, equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.87%. Targa Resources’s dividend payout ratio (DPR) is presently 52.26%.

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.