Targa Resources Corp. (NYSE:TRGP) Shares Sold by Citigroup Inc.

Citigroup Inc. trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 4.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 246,805 shares of the pipeline company’s stock after selling 11,529 shares during the quarter. Citigroup Inc. owned approximately 0.11% of Targa Resources worth $36,530,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new position in Targa Resources during the second quarter worth $29,000. DT Investment Partners LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth about $29,000. UMB Bank n.a. lifted its stake in Targa Resources by 2,220.0% in the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in Targa Resources in the 3rd quarter worth about $35,000. Finally, Whittier Trust Co. purchased a new stake in Targa Resources during the 2nd quarter worth approximately $44,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Bank of America began coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 price target on the stock. Morgan Stanley lifted their target price 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. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Barclays raised their price target on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 15th. Finally, Wells Fargo & Company upped their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Thirteen equities 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.com, Targa Resources currently has a consensus rating of “Buy” and an average price target of $176.50.

Targa Resources Stock Performance

NYSE TRGP opened at $207.31 on Monday. The stock has a fifty day simple moving average of $169.37 and a 200-day simple moving average of $144.37. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The stock has a market cap of $45.21 billion, a PE ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $209.87.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. During the same quarter last year, the firm posted $0.97 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.45%. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 2,500 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total transaction of $365,500.00. Following the sale, the insider now directly owns 174,451 shares in the company, valued at $25,504,736.20. This represents a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at approximately $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 185,760 shares of company stock valued at $30,026,712 over the last quarter. 1.39% of the stock is owned by company insiders.

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.