BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 5,349 Shares of Targa Resources Corp. (NYSE:TRGP)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in Targa Resources Corp. (NYSE:TRGP) by 13.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,140 shares of the pipeline company’s stock after selling 5,349 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Targa Resources were worth $5,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Zurich Insurance Group Ltd FI purchased a new stake in Targa Resources in the 2nd quarter worth approximately $72,345,000. American Century Companies Inc. lifted its stake 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 worth $101,877,000 after acquiring an additional 557,832 shares during the period. Dimensional Fund Advisors LP boosted 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 acquiring an additional 271,444 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in Targa Resources by 599.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock valued at $42,619,000 after purchasing an additional 246,762 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in Targa Resources by 14,163.5% in the 3rd quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock worth $30,232,000 after purchasing an additional 202,822 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on TRGP shares. Barclays lifted their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research note on Tuesday, October 15th. Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Wells Fargo & Company increased their target price on Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Argus upgraded Targa Resources to a “strong-buy” rating in a research note on Tuesday, September 3rd. Finally, The Goldman Sachs Group upped their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $176.50.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 30,000 shares of the 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 transaction, the insider now owns 82,979 shares in the company, valued at $15,793,393.07. This represents a 26.55 % 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, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 183,260 shares of company stock valued at $29,661,212. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Price Performance

TRGP opened at $194.62 on Tuesday. The firm has a market cap of $42.44 billion, a PE ratio of 35.19, a P/E/G ratio of 0.80 and a beta of 2.28. The stock has a 50-day moving average price of $175.18 and a 200-day moving average price of $148.04. Targa Resources Corp. has a 1 year low of $81.03 and a 1 year high of $209.87. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last issued 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. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same period in the previous year, the company earned $0.97 earnings per share. Sell-side analysts predict that Targa Resources Corp. will post 6.28 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.54%. Targa Resources’s dividend payout ratio is 54.25%.

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.