Venture Visionary Partners LLC Lowers Stake in Targa Resources Corp. (NYSE:TRGP)

Venture Visionary Partners LLC cut its position in shares of Targa Resources Corp. (NYSE:TRGP) by 18.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,757 shares of the pipeline company’s stock after selling 387 shares during the quarter. Venture Visionary Partners LLC’s holdings in Targa Resources were worth $260,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Zurich Insurance Group Ltd FI purchased a new stake in Targa Resources in the second quarter valued at approximately $72,345,000. American Century Companies Inc. grew its holdings in Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Targa Resources by 26.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,738,721 shares of the pipeline company’s stock valued at $194,720,000 after purchasing an additional 360,675 shares during the period. Dimensional Fund Advisors LP grew its holdings in Targa Resources by 13.4% in the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock valued at $296,647,000 after purchasing an additional 271,444 shares during the period. Finally, Blackstone Inc. grew its holdings in Targa Resources by 2.7% in the first quarter. Blackstone Inc. now owns 9,695,457 shares of the pipeline company’s stock valued at $1,085,794,000 after purchasing an additional 252,729 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Scotiabank lifted their price target on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research report on Wednesday, July 17th. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Bank of America assumed coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price target on the stock. Finally, Royal Bank of Canada lifted their price target on shares of Targa Resources from $153.00 to $172.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $148.36.

Targa Resources Trading Up 0.4 %

NYSE TRGP opened at $165.83 on Thursday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company’s fifty day simple moving average is $151.99 and its 200-day simple moving average is $133.31. The stock has a market cap of $36.77 billion, a P/E ratio of 34.12, a PEG ratio of 1.27 and a beta of 2.25. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $167.79.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same quarter in the previous year, the firm earned $1.44 earnings per share. Equities research analysts predict that Targa Resources Corp. will post 6 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.81%. Targa Resources’s payout ratio is 61.73%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Targa Resources news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction 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 completion of the sale, the director now owns 110,470 shares in the company, valued at $17,181,399.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock worth $26,815,021 over the last 90 days. Insiders own 1.39% of the company’s stock.

About Targa Resources

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.