Palo Duro Investment Partners LP Sells 1,029 Shares of Targa Resources Corp. (NYSE:TRGP)

Palo Duro Investment Partners LP trimmed its stake in Targa Resources Corp. (NYSE:TRGP) by 8.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 10,885 shares of the pipeline company’s stock after selling 1,029 shares during the quarter. Targa Resources comprises about 0.6% of Palo Duro Investment Partners LP’s holdings, making the stock its 11th biggest position. Palo Duro Investment Partners LP’s holdings in Targa Resources were worth $1,943,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Fisher Asset Management LLC grew its stake in shares of Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after buying an additional 67 shares during the period. Mather Group LLC. boosted its holdings in Targa Resources by 2.3% in the fourth quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company’s stock worth $540,000 after acquiring an additional 68 shares in the last quarter. Keybank National Association OH grew its stake in Targa Resources by 0.4% in the fourth quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after acquiring an additional 70 shares during the period. Baker Avenue Asset Management LP increased its holdings in shares of Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock valued at $1,648,000 after acquiring an additional 74 shares in the last quarter. Finally, Huntington National Bank increased its holdings in shares of Targa Resources by 16.5% during the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company’s stock valued at $99,000 after acquiring an additional 79 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Shares of TRGP stock opened at $170.24 on Wednesday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a market cap of $36.93 billion, a price-to-earnings ratio of 29.66, a P/E/G ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 52 week low of $112.27 and a 52 week high of $218.51. The firm’s 50-day simple moving average is $178.09 and its two-hundred day simple moving average is $188.14.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. As a group, equities analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s payout ratio is presently 73.66%.

Insider Activity

In related news, insider Jennifer R. Kneale sold 29,887 shares of the firm’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. This trade represents a 11.62% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the firm’s stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total value of $429,809.40. Following the completion of the transaction, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 in the last 90 days. Insiders own 1.34% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of several research reports. Citigroup reduced their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Royal Bank of Canada reduced their price objective on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Scotiabank lowered their target price on shares of Targa Resources from $201.00 to $199.00 and set a “sector outperform” rating on the stock in a report on Tuesday, April 29th. The Goldman Sachs Group cut their price target on Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Finally, Mizuho lowered their price objective on Targa Resources from $226.00 to $218.00 and set an “outperform” rating for the company in a research note on Monday, April 28th. Thirteen research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $202.93.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.