Fractal Investments LLC Reduces Stake in Targa Resources Corp. (NYSE:TRGP)

Fractal Investments LLC trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 13.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 158,424 shares of the pipeline company’s stock after selling 23,721 shares during the period. Targa Resources makes up approximately 4.3% of Fractal Investments LLC’s holdings, making the stock its 10th largest position. Fractal Investments LLC owned approximately 0.07% of Targa Resources worth $28,279,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. DT Investment Partners LLC bought a new stake in shares of Targa Resources during the third quarter valued at approximately $29,000. Prospera Private Wealth LLC bought a new stake in shares of Targa Resources in the 3rd quarter worth $35,000. Rosenberg Matthew Hamilton raised its stake in shares of Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the last quarter. UMB Bank n.a. lifted its holdings in shares of Targa Resources by 39.6% during the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock valued at $67,000 after purchasing an additional 106 shares in the last quarter. Finally, Huntington National Bank boosted its position in shares of Targa Resources by 22.9% during the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after buying an additional 89 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total value of $621,812.40. Following the sale, the chief accounting officer now owns 35,143 shares in the company, valued at $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the transaction, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.44% of the stock is owned by insiders.

Analyst Ratings Changes

TRGP has been the topic of several research analyst reports. Stifel Nicolaus upped their target price on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Bank of America began coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. The Goldman Sachs Group boosted their price objective on Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research report on Thursday, December 19th. Scotiabank assumed coverage on Targa Resources in a research note on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 price objective on the stock. Finally, US Capital Advisors lowered shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. One analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $189.21.

Targa Resources Price Performance

TRGP opened at $204.17 on Thursday. The business’s fifty day simple moving average is $193.13 and its 200-day simple moving average is $170.03. The company has a market capitalization of $44.52 billion, a price-to-earnings ratio of 36.92, a PEG ratio of 0.59 and a beta of 2.29. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 12-month low of $85.41 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.58 by $0.17. The company had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same period in the prior year, the company posted $0.97 EPS. On average, equities research analysts anticipate that Targa Resources Corp. will post 6.41 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.47%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is presently 54.25%.

Targa Resources 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.