Greenleaf Trust Sells 296 Shares of Targa Resources Corp. (NYSE:TRGP)

Greenleaf Trust decreased its position in Targa Resources Corp. (NYSE:TRGP) by 4.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,885 shares of the pipeline company’s stock after selling 296 shares during the period. Greenleaf Trust’s holdings in Targa Resources were worth $511,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ballentine Partners LLC boosted its holdings in Targa Resources by 4.4% during the third quarter. Ballentine Partners LLC now owns 3,370 shares of the pipeline company’s stock worth $289,000 after buying an additional 142 shares during the last quarter. Harvest Fund Management Co. Ltd boosted its holdings in Targa Resources by 36.1% during 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 during the last quarter. HB Wealth Management LLC boosted its holdings in Targa Resources by 3.3% during the fourth quarter. HB Wealth Management LLC now owns 4,970 shares of the pipeline company’s stock worth $432,000 after buying an additional 160 shares during the last quarter. Ieq Capital LLC raised its position in shares of Targa Resources by 3.1% during the third quarter. Ieq Capital LLC now owns 5,687 shares of the pipeline company’s stock worth $487,000 after purchasing an additional 171 shares during the period. Finally, Meeder Advisory Services Inc. raised its position in shares of Targa Resources by 4.9% during the fourth quarter. Meeder Advisory Services Inc. now owns 4,084 shares of the pipeline company’s stock worth $355,000 after purchasing an additional 192 shares during the period. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on TRGP. UBS Group dropped their price target on Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research report on Thursday, January 18th. Citigroup raised 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. Royal Bank of Canada raised their price target on Targa Resources from $106.00 to $109.00 and gave the stock an “outperform” rating in a research report on Monday, February 26th. Mizuho raised their price target on Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, April 3rd. Finally, The Goldman Sachs Group raised 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 analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.55.

Insiders Place Their Bets

In other news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider D. Scott Pryor sold 10,000 shares of Targa Resources stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the transaction, the insider now directly owns 156,098 shares in the company, valued at approximately $15,141,506. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 2,500 shares of Targa Resources stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 71,808 shares of the company’s stock, valued at $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. 1.44% of the stock is currently owned by insiders.

Targa Resources Stock Up 0.5 %

NYSE:TRGP opened at $113.51 on Tuesday. The firm has a market capitalization of $25.26 billion, a price-to-earnings ratio of 30.93 and a beta of 2.21. Targa Resources Corp. has a twelve month low of $67.36 and a twelve month high of $117.61. The stock’s 50 day moving average price is $106.35 and its two-hundred day moving average price is $93.10. The company has a quick ratio of 0.66, a current ratio of 0.79 and a debt-to-equity ratio of 2.68.

Targa Resources (NYSE:TRGP) last posted 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%. Equities research analysts expect that Targa Resources Corp. will post 5.77 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.75 per share. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. The ex-dividend date of this dividend is Monday, April 29th. This represents a $3.00 annualized dividend and a dividend yield of 2.64%. Targa Resources’s payout ratio is 54.50%.

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.