Phillips Wealth Planners LLC Sells 273 Shares of Targa Resources Corp. (NYSE:TRGP)

Phillips Wealth Planners LLC trimmed its position in Targa Resources Corp. (NYSE:TRGP) by 17.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,333 shares of the pipeline company’s stock after selling 273 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Targa Resources were worth $217,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TRGP. Vanguard Group Inc. raised its stake in Targa Resources by 0.8% during the first quarter. Vanguard Group Inc. now owns 27,015,992 shares of the pipeline company’s stock valued at $3,025,521,000 after purchasing an additional 201,817 shares in the last quarter. Caxton Associates LP bought a new position in Targa Resources in the second quarter worth approximately $2,323,000. BNP Paribas Financial Markets increased its holdings in Targa Resources by 160.3% during the 1st quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after purchasing an additional 178,655 shares during the period. Sciencast Management LP purchased a new position in Targa Resources during the 1st quarter worth $1,910,000. Finally, Cetera Investment Advisers increased its stake in shares of Targa Resources by 215.2% during the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock valued at $3,478,000 after buying an additional 21,200 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wells Fargo & Company lifted their price objective on Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Barclays increased their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Morgan Stanley boosted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Scotiabank upped their target price on Targa Resources from $128.00 to $142.00 and gave the stock a “sector outperform” rating in a report on Wednesday, July 17th. Finally, The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $152.79.

Insider Activity at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Gerald R. Shrader sold 3,000 shares of the stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $136.06, for a total value of $408,180.00. Following the transaction, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Joe Bob Perkins sold 150,000 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 175,534 shares of company stock valued at $26,815,021 in the last ninety days. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $165.27 on Friday. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $169.92. The company has a debt-to-equity ratio of 2.98, a quick ratio of 0.53 and a current ratio of 0.65. The company has a market cap of $36.21 billion, a PE ratio of 34.79, a P/E/G ratio of 1.29 and a beta of 2.24. The business has a 50-day simple moving average of $155.23 and a two-hundred day simple moving average of $135.82.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The company had revenue of $3.56 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same period last year, the business earned $1.44 EPS. As a group, equities analysts expect that Targa Resources Corp. will post 5.96 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 1.82%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is 63.16%.

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.