ING Groep NV Sells 107,935 Shares of Targa Resources Corp. (NYSE:TRGP)

ING Groep NV decreased its position in Targa Resources Corp. (NYSE:TRGP) by 78.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,300 shares of the pipeline company’s stock after selling 107,935 shares during the quarter. ING Groep NV’s holdings in Targa Resources were worth $4,337,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. DT Investment Partners LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Targa Resources in the second quarter worth about $29,000. UMB Bank n.a. increased its stake in shares of Targa Resources by 2,220.0% during the second 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 during the period. Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter valued at $44,000. Finally, Huntington National Bank raised its stake in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after buying an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In related news, insider Robert Muraro sold 2,500 shares of Targa Resources stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the completion of the transaction, the insider now owns 174,451 shares in the company, valued at approximately $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares of the company’s stock, valued at approximately $17,181,399.10. This trade represents a 57.59 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on TRGP shares. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Morgan Stanley increased their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Bank of America started coverage on Targa Resources in a research note on Thursday, October 17th. They set a “buy” rating and a $182.00 price target for the company. Argus raised Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. Finally, Royal Bank of Canada increased their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $169.79.

Targa Resources Stock Performance

NYSE TRGP opened at $196.04 on Friday. 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’s fifty day moving average is $162.53 and its two-hundred day moving average is $140.22. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $197.14. The firm has a market capitalization of $42.75 billion, a P/E ratio of 35.31, a price-to-earnings-growth ratio of 0.77 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its 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 company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations 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 last year, the firm earned $0.97 earnings per share. On average, research analysts anticipate that Targa Resources Corp. will post 6.19 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.53%. The ex-dividend date of this dividend was Thursday, October 31st. Targa Resources’s payout ratio is 54.25%.

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.