Korea Investment CORP Reduces Stock Position in Targa Resources, Inc. $TRGP

Korea Investment CORP lessened its position in Targa Resources, Inc. (NYSE:TRGP) by 7.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 189,762 shares of the pipeline company’s stock after selling 14,588 shares during the period. Korea Investment CORP’s holdings in Targa Resources were worth $33,034,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cetera Investment Advisers grew its stake in shares of Targa Resources by 15.0% in the first quarter. Cetera Investment Advisers now owns 40,714 shares of the pipeline company’s stock worth $8,162,000 after purchasing an additional 5,314 shares during the last quarter. XTX Topco Ltd grew its position in shares of Targa Resources by 319.4% in the 1st quarter. XTX Topco Ltd now owns 6,987 shares of the pipeline company’s stock worth $1,401,000 after buying an additional 5,321 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in shares of Targa Resources during the first quarter valued at approximately $221,000. NorthRock Partners LLC purchased a new position in shares of Targa Resources during the first quarter valued at approximately $221,000. Finally, Natixis Advisors LLC raised its holdings in shares of Targa Resources by 11.7% during the first quarter. Natixis Advisors LLC now owns 60,871 shares of the pipeline company’s stock valued at $12,203,000 after acquiring an additional 6,353 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider directly owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $175.31 on Friday. The firm has a market capitalization of $37.63 billion, a P/E ratio of 24.80, a PEG ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The business has a fifty day moving average of $163.11 and a 200 day moving average of $165.15.

Targa Resources (NYSE:TRGP) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The firm had revenue of $4.15 billion during the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, October 31st. Targa Resources’s payout ratio is 53.19%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Wall Street Zen downgraded shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Morgan Stanley raised their price objective on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. Cfra Research raised shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. Finally, JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and an average target price of $210.21.

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.