iA Global Asset Management Inc. Reduces Holdings in Targa Resources Corp. (NYSE:TRGP)

iA Global Asset Management Inc. reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 11.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,101 shares of the pipeline company’s stock after selling 1,162 shares during the quarter. iA Global Asset Management Inc.’s holdings in Targa Resources were worth $1,625,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in the business. Teacher Retirement System of Texas increased its holdings in Targa Resources by 231.7% during the 4th quarter. Teacher Retirement System of Texas now owns 71,119 shares of the pipeline company’s stock valued at $12,695,000 after acquiring an additional 49,680 shares in the last quarter. Royal London Asset Management Ltd. boosted its stake in shares of Targa Resources by 17.2% during the 4th quarter. Royal London Asset Management Ltd. now owns 80,104 shares of the pipeline company’s stock worth $14,299,000 after purchasing an additional 11,738 shares during the last quarter. Vinva Investment Management Ltd boosted its stake in shares of Targa Resources by 10.6% during the 4th quarter. Vinva Investment Management Ltd now owns 10,354 shares of the pipeline company’s stock worth $1,841,000 after purchasing an additional 994 shares during the last quarter. Xponance Inc. boosted its stake in shares of Targa Resources by 37.0% during the 4th quarter. Xponance Inc. now owns 65,912 shares of the pipeline company’s stock worth $11,765,000 after purchasing an additional 17,796 shares during the last quarter. Finally, Generali Asset Management SPA SGR acquired a new stake in shares of Targa Resources during the 4th quarter worth about $5,079,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the topic of several analyst reports. Barclays raised their price target on shares of Targa Resources from $204.00 to $211.00 and gave the stock an “overweight” rating in a research note on Friday. Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. US Capital Advisors cut shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Scotiabank decreased their target price on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating on the stock in a research report on Thursday, March 6th. Finally, Royal Bank of Canada raised their target price on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a research report on Monday, March 3rd. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $211.00.

Targa Resources Trading Down 1.1 %

Shares of TRGP stock opened at $197.25 on Friday. The stock has a market cap of $43.02 billion, a price-to-earnings ratio of 34.36, a price-to-earnings-growth ratio of 0.61 and a beta of 2.32. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a fifty-two week low of $110.09 and a fifty-two week high of $218.51. The firm’s 50 day moving average price is $199.77 and its two-hundred day moving average price is $182.87.

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 firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.52%. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Activity

In related news, CEO Matthew J. Meloy sold 48,837 shares of Targa Resources stock in a transaction 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 completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now directly owns 2,899 shares in the company, valued at $568,957.74. This represents a 43.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last 90 days. Company insiders own 1.39% of the company’s stock.

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.