Targa Resources Corp. (NYSE:TRGP) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 86.3% during the fourth quarter, HoldingsChannel reports. The fund owned 43,859 shares of the pipeline company’s stock after selling 275,844 shares during the period. Los Angeles Capital Management LLC’s holdings in Targa Resources were worth $3,810,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of TRGP. Wellington Management Group LLP grew its stake in shares of Targa Resources by 5.1% during the 3rd quarter. Wellington Management Group LLP now owns 8,319,024 shares of the pipeline company’s stock worth $713,107,000 after purchasing an additional 401,144 shares during the period. Deutsche Bank AG lifted its position in shares of Targa Resources by 200.4% during the 3rd quarter. Deutsche Bank AG now owns 5,577,027 shares of the pipeline company’s stock valued at $478,063,000 after acquiring an additional 3,720,270 shares during the period. Morgan Stanley boosted its stake in shares of Targa Resources by 16.1% during the 3rd quarter. Morgan Stanley now owns 3,791,452 shares of the pipeline company’s stock worth $325,003,000 after acquiring an additional 524,794 shares in the last quarter. Jennison Associates LLC grew its holdings in shares of Targa Resources by 1.6% in the 3rd quarter. Jennison Associates LLC now owns 2,487,507 shares of the pipeline company’s stock worth $213,229,000 after acquiring an additional 39,143 shares during the period. Finally, FMR LLC increased its stake in Targa Resources by 3.2% in the 3rd quarter. FMR LLC now owns 2,431,326 shares of the pipeline company’s stock valued at $208,413,000 after purchasing an additional 74,310 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction dated Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total transaction of $244,150.00. Following the sale, the chief accounting officer now owns 71,808 shares in the company, valued at $7,012,769.28. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of Targa Resources stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $97.67, for a total transaction of $3,262,666.35. Following the sale, the director now owns 38,440 shares of the company’s stock, valued at approximately $3,754,434.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $97.66, for a total value of $244,150.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,808 shares of the company’s stock, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 81,966 shares of company stock valued at $7,987,215. Company insiders own 1.44% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $112.31 on Monday. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. Targa Resources Corp. has a one year low of $67.36 and a one year high of $117.87. The business’s 50-day simple moving average is $110.02 and its 200 day simple moving average is $94.98. The company has a market cap of $24.90 billion, a P/E ratio of 23.11 and a beta of 2.19.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.49 by ($0.26). Targa Resources had a return on equity of 24.41% and a net margin of 6.86%. The business had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.50 billion. On average, sell-side analysts forecast that Targa Resources Corp. will post 5.72 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.67%. This is an increase from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date is Monday, April 29th. Targa Resources’s payout ratio is 61.73%.

Analysts Set New Price Targets

TRGP has been the subject of a number of research analyst reports. The Goldman Sachs Group raised their price target on Targa Resources from $105.00 to $117.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Wells Fargo & Company boosted their target price on shares of Targa Resources from $109.00 to $124.00 and gave the company an “overweight” rating in a report on Friday. Citigroup increased their price target on shares of Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. UBS Group lowered their price objective on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating for the company in a research note on Thursday, January 18th. Finally, Royal Bank of Canada lifted their target price on Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $119.92.

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.