IFM Investors Pty Ltd Sells 1,318 Shares of Targa Resources Corp. (NYSE:TRGP)

IFM Investors Pty Ltd lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 2.1% during the third quarter, HoldingsChannel reports. The institutional investor owned 62,937 shares of the pipeline company’s stock after selling 1,318 shares during the period. IFM Investors Pty Ltd’s holdings in Targa Resources were worth $9,315,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Targa Resources by 0.8% in 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 acquiring an additional 201,817 shares during the last quarter. Caxton Associates LP acquired a new position in shares of Targa Resources in the 2nd quarter worth approximately $2,323,000. New Mexico Educational Retirement Board boosted its stake in shares of Targa Resources by 287.3% in the 1st quarter. New Mexico Educational Retirement Board now owns 45,700 shares of the pipeline company’s stock valued at $5,118,000 after purchasing an additional 33,900 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Targa Resources by 160.3% during the first quarter. BNP Paribas Financial Markets now owns 290,080 shares of the pipeline company’s stock worth $32,486,000 after buying an additional 178,655 shares during the period. Finally, Sciencast Management LP bought a new position in Targa Resources during the first quarter worth $1,910,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.6 %

Shares of NYSE TRGP opened at $168.57 on Friday. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53. The company has a 50-day moving average price of $151.99 and a 200-day moving average price of $133.31. The stock has a market capitalization of $36.93 billion, a P/E ratio of 35.49, a P/E/G ratio of 1.28 and a beta of 2.25. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $169.59.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the previous year, the business earned $1.44 EPS. On average, equities research analysts forecast that Targa Resources Corp. will post 5.92 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Thursday, October 31st. Targa Resources’s payout ratio is currently 63.16%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on TRGP. JPMorgan Chase & Co. increased their price target on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a report on Tuesday, July 2nd. Bank of America assumed coverage on Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. The Goldman Sachs Group increased their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, Argus upgraded shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Thirteen 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 currently has a consensus rating of “Buy” and a consensus target price of $148.36.

Insider Buying and Selling at Targa Resources

In other news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the sale, the chief accounting officer now owns 52,257 shares in the company, valued at $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CAO Julie H. Boushka sold 12,641 shares of Targa Resources stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the sale, the chief accounting officer now directly owns 38,403 shares in the company, valued at approximately $5,165,203.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Julie H. Boushka sold 1,213 shares of the company’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,534 shares of company stock worth $26,815,021. Corporate insiders own 1.39% of the company’s stock.

Targa Resources Company 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.