VestGen Advisors LLC Sells 3,031 Shares of Targa Resources, Inc. $TRGP

VestGen Advisors LLC lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 72.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,181 shares of the pipeline company’s stock after selling 3,031 shares during the period. VestGen Advisors LLC’s holdings in Targa Resources were worth $319,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Bank of America Corp DE purchased a new stake in shares of Targa Resources during the second quarter valued at $734,846,000. Legal & General Group Plc purchased a new position in Targa Resources in the 2nd quarter worth about $336,575,000. Canada Pension Plan Investment Board purchased a new position in Targa Resources in the 2nd quarter worth about $275,702,000. Hsbc Holdings PLC acquired a new stake in Targa Resources during the 2nd quarter worth about $274,660,000. Finally, Kayne Anderson Capital Advisors LP acquired a new stake in Targa Resources during the 2nd quarter worth about $260,337,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

TRGP opened at $298.29 on Wednesday. The stock has a fifty day moving average price of $290.31 and a 200 day moving average price of $260.01. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 1 year low of $152.22 and a 1 year high of $316.60. The stock has a market cap of $63.96 billion, a price-to-earnings ratio of 28.52, a PEG ratio of 1.22 and a beta of 0.76.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Analysts forecast that Targa Resources, Inc. will post 11.42 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Investors of record on Friday, October 30th will be paid a $1.25 dividend. 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 presently 47.80%.

Insider Activity at Targa Resources

In related news, Director Paul W. Chung sold 1,816 shares of the firm’s stock in a transaction that occurred 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 directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Charles R. Crisp sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the sale, the director owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This trade represents a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 7,216 shares of company stock valued at $2,127,634. Insiders own 1.37% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on TRGP shares. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a report on Friday, August 7th. The Goldman Sachs Group reissued a “buy” rating and issued a $322.00 target price on shares of Targa Resources in a research report on Tuesday, October 13th. Capital One Financial boosted their price target on shares of Targa Resources from $310.00 to $335.00 and gave the company an “overweight” rating in a report on Tuesday, September 22nd. Finally, Scotiabank restated an “outperform” rating and issued a $319.00 price target on shares of Targa Resources in a research report on Thursday, October 15th. Two investment analysts have rated the stock with a Strong Buy rating and twenty have issued a Buy rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Buy” and an average target price of $325.47.

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.