Yousif Capital Management LLC Sells 15,494 Shares of Targa Resources Corp. (NYSE:TRGP)

Yousif Capital Management LLC reduced its stake in Targa Resources Corp. (NYSE:TRGP) by 26.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,500 shares of the pipeline company’s stock after selling 15,494 shares during the period. Yousif Capital Management LLC’s holdings in Targa Resources were worth $3,779,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of TRGP. VisionPoint Advisory Group LLC lifted its stake in Targa Resources by 111.2% in the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 209 shares during the period. Rational Advisors LLC bought a new position in shares of Targa Resources during the third quarter valued at approximately $43,000. Huntington National Bank increased its holdings in Targa Resources by 124.4% during the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock valued at $46,000 after buying an additional 296 shares during the period. Harvest Fund Management Co. Ltd raised its stake in Targa Resources by 36.1% in the third quarter. Harvest Fund Management Co. Ltd now owns 565 shares of the pipeline company’s stock worth $48,000 after buying an additional 150 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in Targa Resources by 77.5% during the third quarter. EverSource Wealth Advisors LLC now owns 850 shares of the pipeline company’s stock worth $73,000 after buying an additional 371 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.7 %

TRGP stock opened at $116.86 on Friday. The company has a debt-to-equity ratio of 2.68, a current ratio of 0.79 and a quick ratio of 0.66. The firm’s fifty day simple moving average is $108.36 and its 200-day simple moving average is $93.98. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The company has a market capitalization of $26.01 billion, a P/E ratio of 31.84 and a beta of 2.21.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Targa Resources had a return on equity of 18.64% and a net margin of 5.20%. As a group, equities research analysts forecast that Targa Resources Corp. will post 5.8 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 2.57%. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is currently 54.50%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Citigroup boosted their price target on Targa Resources from $104.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. JPMorgan Chase & Co. raised their price target on shares of Targa Resources from $122.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, March 6th. UBS Group reduced 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. Royal Bank of Canada raised their target price on shares of Targa Resources from $106.00 to $109.00 and gave the company an “outperform” rating in a research note on Monday, February 26th. Finally, The Goldman Sachs Group upped their price target on Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $119.55.

Insider Transactions at Targa Resources

In related news, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction on 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 directly owns 71,808 shares of the company’s stock, valued at $7,012,769.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider D. Scott Pryor sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total value of $970,000.00. Following the completion of the sale, the insider now directly owns 156,098 shares in the company, valued at $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Julie H. Boushka sold 2,500 shares of the stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $97.66, for a total value of $244,150.00. Following the transaction, the chief accounting officer now owns 71,808 shares in the company, valued at approximately $7,012,769.28. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock valued at $7,987,215 in the last 90 days. 1.39% of the stock is currently owned by company insiders.

Targa Resources 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.