Wealth Enhancement Advisory Services LLC Reduces Holdings in Targa Resources, Inc. $TRGP

Wealth Enhancement Advisory Services LLC reduced its position in Targa Resources, Inc. (NYSE:TRGP) by 40.3% in the 3rd quarter, Holdings Channel reports. The firm owned 29,187 shares of the pipeline company’s stock after selling 19,743 shares during the period. Wealth Enhancement Advisory Services LLC’s holdings in Targa Resources were worth $4,858,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Nordea Investment Management AB raised its stake in Targa Resources by 260.2% during the 2nd quarter. Nordea Investment Management AB now owns 128,911 shares of the pipeline company’s stock valued at $22,526,000 after acquiring an additional 93,119 shares during the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Targa Resources by 137.9% during the third quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after purchasing an additional 38,626 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Targa Resources by 2.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock valued at $114,313,000 after buying an additional 16,000 shares during the last quarter. Aberdeen Group plc raised its position in Targa Resources by 17.6% during the 2nd quarter. Aberdeen Group plc now owns 175,571 shares of the pipeline company’s stock worth $30,563,000 after buying an additional 26,318 shares during the last quarter. Finally, Allianz Asset Management GmbH lifted its stake in shares of Targa Resources by 34.2% in the 2nd quarter. Allianz Asset Management GmbH now owns 1,270,128 shares of the pipeline company’s stock worth $221,104,000 after acquiring an additional 323,398 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the transaction, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. The trade was a 47.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares in the company, valued at $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on TRGP. Royal Bank Of Canada boosted their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Morgan Stanley raised their target price on Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a report on Wednesday, November 12th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $196.00 price target on shares of Targa Resources in a research note on Monday, January 12th. Finally, Stifel Nicolaus set a $213.00 price objective on shares of Targa Resources in a research note on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $213.14.

Targa Resources Price Performance

Targa Resources stock opened at $192.48 on Tuesday. The firm has a market capitalization of $41.32 billion, a PE ratio of 25.60, a P/E/G ratio of 0.82 and a beta of 0.87. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $211.87. The firm’s 50-day simple moving average is $180.28 and its 200 day simple moving average is $169.42. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, January 30th. Targa Resources’s dividend payout ratio is currently 53.19%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.