Targa Resources, Inc. $TRGP Stock Position Decreased by Wealthfront Advisers LLC

Wealthfront Advisers LLC trimmed its stake in Targa Resources, Inc. (NYSE:TRGP) by 26.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,654 shares of the pipeline company’s stock after selling 5,237 shares during the quarter. Wealthfront Advisers LLC’s holdings in Targa Resources were worth $2,455,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of TRGP. Peoples Financial Services CORP. purchased a new position in Targa Resources in the 3rd quarter worth about $34,000. Root Financial Partners LLC purchased a new stake in Targa Resources during the third quarter valued at about $39,000. Avion Wealth boosted its holdings in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after buying an additional 228 shares during the period. First Horizon Corp purchased a new position in shares of Targa Resources in the third quarter worth approximately $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources during the second quarter valued at approximately $53,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TRGP. Morgan Stanley reaffirmed an “overweight” rating and issued a $266.00 price objective on shares of Targa Resources in a research note on Wednesday, January 28th. Wells Fargo & Company increased their target price on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Finally, UBS Group reissued a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $213.50.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $223.73 on Friday. The firm has a market cap of $48.02 billion, a price-to-earnings ratio of 29.75, a P/E/G ratio of 0.94 and a beta of 0.88. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $225.35. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The business has a fifty day simple moving average of $190.15 and a 200 day simple moving average of $173.41.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Insider Activity

In related news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was 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 of the company’s stock, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.34% of the stock is currently owned by corporate insiders.

Targa Resources 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.