Invesco Ltd. Sells 668,365 Shares of Targa Resources Corp. (NYSE:TRGP)

Invesco Ltd. lowered its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 13.1% during the 4th quarter, Holdings Channel.com reports. The firm owned 4,426,180 shares of the pipeline company’s stock after selling 668,365 shares during the quarter. Invesco Ltd.’s holdings in Targa Resources were worth $790,073,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in TRGP. Atala Financial Inc bought a new stake in Targa Resources during the 4th quarter worth approximately $31,000. Rakuten Securities Inc. boosted its position in shares of Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after buying an additional 146 shares during the last quarter. Mizuho Bank Ltd. bought a new stake in Targa Resources during the fourth quarter worth $36,000. Aspect Partners LLC raised its position in Targa Resources by 144.4% in the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after buying an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton lifted its stake in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock valued at $48,000 after acquiring an additional 89 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.39% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Mizuho upped their target price on Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Royal Bank of Canada boosted their target price on shares of Targa Resources from $220.00 to $221.00 and gave the company an “outperform” rating in a research note on Monday, March 3rd. Citigroup increased their target price on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Scotiabank lowered their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 6th. Finally, The Goldman Sachs Group upped their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $211.00.

Targa Resources Stock Performance

Shares of TRGP opened at $164.57 on Tuesday. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market capitalization of $35.81 billion, a price-to-earnings ratio of 28.67, a price-to-earnings-growth ratio of 0.61 and a beta of 1.75. The stock’s 50-day simple moving average is $196.33 and its 200 day simple moving average is $186.83.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.82%. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

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.