Targa Resources Corp. (NYSE:TRGP) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 7.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,160 shares of the pipeline company’s stock after selling 1,104 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Targa Resources were worth $698,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. FMR LLC raised its stake in Targa Resources by 188.7% during the second quarter. FMR LLC now owns 2,649,368 shares of the pipeline company’s stock worth $117,764,000 after acquiring an additional 1,731,830 shares during the period. Millennium Management LLC raised its stake in Targa Resources by 10.8% during the second quarter. Millennium Management LLC now owns 696,017 shares of the pipeline company’s stock worth $30,938,000 after acquiring an additional 67,981 shares during the period. Balyasny Asset Management LLC acquired a new stake in Targa Resources during the second quarter worth about $11,502,000. Brandywine Global Investment Management LLC acquired a new stake in Targa Resources during the second quarter worth about $2,248,000. Finally, Virginia Retirement Systems ET AL raised its stake in Targa Resources by 49.4% during the second quarter. Virginia Retirement Systems ET AL now owns 52,600 shares of the pipeline company’s stock worth $2,338,000 after acquiring an additional 17,400 shares during the period. Hedge funds and other institutional investors own 86.94% of the company’s stock.

In related news, Director Rene R. Joyce sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 9th. The shares were sold at an average price of $57.33, for a total value of $1,146,600.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Regina Gregory sold 3,511 shares of the firm’s stock in a transaction that occurred on Tuesday, November 9th. The stock was sold at an average price of $57.78, for a total transaction of $202,865.58. The disclosure for this sale can be found here. Insiders have sold 49,896 shares of company stock valued at $2,868,130 over the last 90 days. 1.69% of the stock is currently owned by insiders.

Shares of NYSE:TRGP opened at $57.78 on Friday. The stock has a market capitalization of $13.23 billion, a price-to-earnings ratio of 44.45 and a beta of 2.87. Targa Resources Corp. has a 1-year low of $26.65 and a 1-year high of $58.18. The company has a debt-to-equity ratio of 1.19, a quick ratio of 0.58 and a current ratio of 0.69. The company has a 50 day moving average price of $53.44 and a 200 day moving average price of $49.14.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, November 4th. The pipeline company reported $0.66 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.41 by $0.25. The firm had revenue of $4.46 billion during the quarter, compared to analysts’ expectations of $3.61 billion. Targa Resources had a net margin of 2.97% and a return on equity of 7.53%. On average, sell-side analysts expect that Targa Resources Corp. will post 1.84 EPS for the current fiscal year.

TRGP has been the topic of several analyst reports. Evercore ISI upgraded shares of Targa Resources from an “in-line” rating to an “outperform” rating and set a $62.00 price target on the stock in a research note on Monday, November 15th. Raymond James raised their price target on shares of Targa Resources from $65.00 to $67.00 and gave the company a “strong-buy” rating in a research note on Friday, November 5th. Credit Suisse Group raised their price target on shares of Targa Resources from $60.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, November 10th. Mizuho raised their price target on shares of Targa Resources from $47.00 to $58.00 and gave the company a “neutral” rating in a research note on Wednesday, October 27th. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $64.00 to $69.00 and gave the company an “overweight” rating in a research note on Thursday, December 16th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $55.44.

Targa Resources Company Profile

Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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