Dorsey Wright & Associates Trims Stock Position in Targa Resources, Inc. $TRGP

Dorsey Wright & Associates cut its position in Targa Resources, Inc. (NYSE:TRGP) by 24.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 36,021 shares of the pipeline company’s stock after selling 11,945 shares during the quarter. Targa Resources accounts for about 1.5% of Dorsey Wright & Associates’ holdings, making the stock its 22nd largest holding. Dorsey Wright & Associates’ holdings in Targa Resources were worth $6,271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. GQG Partners LLC increased its holdings in shares of Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares during the period. Nuveen LLC purchased a new position in Targa Resources during the first quarter worth about $196,351,000. Wellington Management Group LLP grew its position in Targa Resources by 7.5% during the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after buying an additional 962,631 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Targa Resources by 43.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company’s stock worth $551,033,000 after acquiring an additional 834,666 shares during the last quarter. Finally, Amundi raised its holdings in shares of Targa Resources by 33.8% in the 1st quarter. Amundi now owns 2,463,271 shares of the pipeline company’s stock valued at $493,812,000 after acquiring an additional 622,096 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Trading Up 1.0%

TRGP stock opened at $170.00 on Wednesday. The company has a market capitalization of $36.49 billion, a PE ratio of 24.05, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The company’s 50 day moving average price is $162.08 and its two-hundred day moving average price is $164.57.

Targa Resources (NYSE:TRGP) last released its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were issued a $1.00 dividend. The ex-dividend date was Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. Targa Resources’s payout ratio is currently 53.19%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. BMO Capital Markets lifted their target price on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. The Goldman Sachs Group decreased their price target on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Morgan Stanley raised their price objective on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research report on Wednesday, November 12th. Finally, Mizuho cut their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $210.21.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider directly owned 22,139 shares in the company, valued at $3,812,557.19. This represents a 47.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 1.34% of the company’s stock.

Targa Resources 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.