Fifth Third Bancorp reduced its stake in Targa Resources Corp. (NYSE:TRGP – Free Report) by 18.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,668 shares of the pipeline company’s stock after selling 1,983 shares during the period. Fifth Third Bancorp’s holdings in Targa Resources were worth $1,547,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. MML Investors Services LLC raised its holdings in Targa Resources by 65.1% during the 3rd quarter. MML Investors Services LLC now owns 25,615 shares of the pipeline company’s stock valued at $3,791,000 after buying an additional 10,100 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Targa Resources by 85.7% in the fourth quarter. Nordea Investment Management AB now owns 28,530 shares of the pipeline company’s stock valued at $5,070,000 after acquiring an additional 13,167 shares during the period. Braun Stacey Associates Inc. bought a new position in shares of Targa Resources during the third quarter valued at about $11,042,000. Capital Investment Advisors LLC boosted its holdings in shares of Targa Resources by 191.4% during the fourth quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after purchasing an additional 5,431 shares during the period. Finally, Metis Global Partners LLC grew its stake in shares of Targa Resources by 12.7% in the third quarter. Metis Global Partners LLC now owns 25,569 shares of the pipeline company’s stock worth $3,784,000 after purchasing an additional 2,890 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.
Insider Activity at Targa Resources
In other Targa Resources news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares in the company, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 3,260 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by insiders.
Analysts Set New Price Targets
Get Our Latest Report on Targa Resources
Targa Resources Stock Up 1.7 %
TRGP stock opened at $202.55 on Wednesday. The business has a 50 day moving average of $193.47 and a 200 day moving average of $167.22. The firm has a market cap of $44.17 billion, a PE ratio of 36.63, a price-to-earnings-growth ratio of 0.63 and a beta of 2.30. Targa Resources Corp. has a twelve month low of $84.33 and a twelve month high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05.
Targa Resources (NYSE:TRGP – Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.58 by $0.17. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the previous year, the firm earned $0.97 EPS. On average, research analysts forecast that Targa Resources Corp. will post 6.42 EPS for the current fiscal year.
Targa Resources Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s payout ratio is currently 54.25%.
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.
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