Targa Resources, Inc. $TRGP Stock Position Decreased by Allianz Asset Management GmbH

Allianz Asset Management GmbH trimmed its stake in Targa Resources, Inc. (NYSE:TRGP) by 34.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 833,657 shares of the pipeline company’s stock after selling 436,471 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.39% of Targa Resources worth $139,671,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TRGP. Maryland State Retirement & Pension System grew its stake in shares of Targa Resources by 5.6% in the 2nd quarter. Maryland State Retirement & Pension System now owns 205,934 shares of the pipeline company’s stock valued at $35,849,000 after buying an additional 10,889 shares in the last quarter. Nordea Investment Management AB lifted its stake in Targa Resources by 260.2% in the second 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 grew its position in Targa Resources by 137.9% in the third quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after acquiring an additional 38,626 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in Targa Resources by 2.4% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after acquiring an additional 16,000 shares in the last quarter. Finally, Aberdeen Group plc increased its stake in shares of 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 purchasing an additional 26,318 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction, the insider owned 22,139 shares in the company, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is currently owned by corporate insiders.

Targa Resources Stock Performance

TRGP opened at $198.69 on Tuesday. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The stock’s 50 day moving average price is $183.23 and its two-hundred day moving average price is $170.48. The firm has a market capitalization of $42.65 billion, a P/E ratio of 26.42, a price-to-earnings-growth ratio of 0.86 and a beta of 0.88. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $211.87.

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

Targa Resources Announces Dividend

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 issued a dividend of $1.00 per share. The ex-dividend date is Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 2.0%. Targa Resources’s payout ratio is presently 53.19%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent research reports. Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Stifel Nicolaus set a $213.00 price target on Targa Resources in a research note on Thursday, November 6th. JPMorgan Chase & Co. raised their price objective on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. Scotiabank restated an “outperform” rating and issued a $224.00 target price on shares of Targa Resources in a report on Friday, January 16th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $196.00 price target on shares of Targa Resources in a report on Monday, January 12th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $213.50.

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.