Magnetar Financial LLC Sells 1,423 Shares of Targa Resources Corp. (NYSE:TRGP)

Magnetar Financial LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 17.7% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,637 shares of the pipeline company’s stock after selling 1,423 shares during the period. Magnetar Financial LLC’s holdings in Targa Resources were worth $1,185,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Coldstream Capital Management Inc. raised its stake in Targa Resources by 0.9% during the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock worth $1,153,000 after buying an additional 66 shares during the last quarter. Fisher Asset Management LLC lifted its position in shares of Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after acquiring an additional 67 shares during the period. Mather Group LLC. boosted its stake in Targa Resources by 2.3% during the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after acquiring an additional 68 shares in the last quarter. Keybank National Association OH grew its holdings in Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock worth $3,470,000 after purchasing an additional 70 shares during the period. Finally, Catalina Capital Group LLC increased its stake in Targa Resources by 3.9% in the fourth quarter. Catalina Capital Group LLC now owns 2,239 shares of the pipeline company’s stock valued at $400,000 after purchasing an additional 85 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of several research analyst reports. Scotiabank decreased their price target on shares of Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a research note on Thursday, March 6th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. Mizuho lifted their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Citigroup lifted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Finally, Morgan Stanley upped their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a report on Monday, March 17th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $211.00.

Targa Resources Price Performance

NYSE:TRGP opened at $197.25 on Friday. The firm has a market capitalization of $43.02 billion, a price-to-earnings ratio of 34.36, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 52-week low of $110.09 and a 52-week high of $218.51. The stock has a fifty day moving average of $199.77 and a 200 day moving average of $182.87. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

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 the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The business had revenue of $4.41 billion for the quarter, compared to the consensus estimate of $4.48 billion. On average, research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Insiders Place Their Bets

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This represents a 11.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $197.30, for a total transaction of $6,905,500.00. Following the sale, the insider now directly owns 82,139 shares of the company’s stock, valued at $16,206,024.70. The trade was a 29.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock valued at $22,613,288 over the last 90 days. Insiders own 1.39% of the company’s stock.

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.