TD Waterhouse Canada Inc. Sells 2,886 Shares of Targa Resources, Inc. $TRGP

TD Waterhouse Canada Inc. lessened its holdings in Targa Resources, Inc. (NYSE:TRGP) by 14.2% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,458 shares of the pipeline company’s stock after selling 2,886 shares during the period. TD Waterhouse Canada Inc.’s holdings in Targa Resources were worth $4,879,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Hardy Reed LLC grew its stake in shares of Targa Resources by 1.0% in the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after acquiring an additional 41 shares in the last quarter. Versant Capital Management Inc increased its position in shares of Targa Resources by 4.1% during the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock worth $307,000 after acquiring an additional 45 shares during the period. Premier Path Wealth Partners LLC raised its stake in shares of Targa Resources by 2.3% in the second quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company’s stock valued at $537,000 after acquiring an additional 45 shares in the last quarter. River Wealth Advisors LLC raised its stake in shares of Targa Resources by 0.3% in the second quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after acquiring an additional 50 shares in the last quarter. Finally, Bridgewater Advisors Inc. raised its stake in shares of Targa Resources by 2.7% in the first quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company’s stock valued at $520,000 after acquiring an additional 59 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In related news, Director Paul Chung sold 1,816 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the transaction, the director owned 44,000 shares of the company’s stock, valued at $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director S Davis sold 2,400 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 7,216 shares of company stock valued at $2,127,634 over the last quarter. 1.37% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on TRGP. Morgan Stanley lifted their target price on Targa Resources from $343.00 to $359.00 and gave the company an “overweight” rating in a report on Wednesday, September 16th. The Goldman Sachs Group restated a “buy” rating and set a $322.00 price target on shares of Targa Resources in a report on Tuesday, October 13th. Weiss Ratings upgraded Targa Resources from a “buy (b)” rating to a “buy (b+)” rating in a report on Wednesday, October 14th. Barclays increased their price target on Targa Resources from $284.00 to $294.00 and gave the company an “overweight” rating in a research report on Thursday, October 8th. Finally, Erste Group Bank began coverage on Targa Resources in a research note on Thursday, June 25th. They issued a “buy” rating for the company. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have given a Buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $317.75.

Targa Resources Stock Down 0.7%

Shares of Targa Resources stock opened at $292.89 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 52-week low of $149.01 and a 52-week high of $307.94. The company has a market capitalization of $62.81 billion, a P/E ratio of 28.19, a P/E/G ratio of 1.22 and a beta of 0.80. The company has a 50 day moving average of $286.78 and a 200 day moving average of $270.44.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 11.38 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources’s payout ratio is 47.80%.

Targa Resources Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.