Targa Resources, Inc. $TRGP Shares Sold by Meeder Asset Management Inc.

Meeder Asset Management Inc. lessened its stake in Targa Resources, Inc. (NYSE:TRGP) by 96.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 540 shares of the pipeline company’s stock after selling 15,016 shares during the period. Meeder Asset Management Inc.’s holdings in Targa Resources were worth $90,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Targa Resources by 1.4% during the 2nd quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after acquiring an additional 375,939 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Targa Resources by 1.7% in the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock valued at $1,022,222,000 after purchasing an additional 95,611 shares in the last quarter. Norges Bank bought a new position in shares of Targa Resources during the second quarter worth about $708,366,000. Canada Pension Plan Investment Board grew its stake in Targa Resources by 12.0% in the second quarter. Canada Pension Plan Investment Board now owns 1,886,844 shares of the pipeline company’s stock worth $328,462,000 after purchasing an additional 201,927 shares in the last quarter. Finally, Chickasaw Capital Management LLC grew its stake in Targa Resources by 3.3% in the second quarter. Chickasaw Capital Management LLC now owns 1,831,228 shares of the pipeline company’s stock worth $318,780,000 after purchasing an additional 57,886 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This trade represents a 47.46% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $174.81 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $218.51. The stock has a 50 day simple moving average of $176.60 and a 200-day simple moving average of $168.46. The company has a market cap of $37.53 billion, a PE ratio of 23.25, a P/E/G ratio of 0.85 and a beta of 0.87.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. On average, equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Friday, October 31st. Targa Resources’s dividend payout ratio is 53.19%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several research reports. The Goldman Sachs Group restated a “buy” rating and set a $196.00 price objective on shares of Targa Resources in a research note on Monday. Scotiabank boosted their price target on Targa Resources from $198.00 to $199.00 and gave the company an “outperform” rating in a report on Wednesday, December 17th. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $240.00 to $261.00 and gave the company an “overweight” rating in a research note on Wednesday, November 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $211.36.

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.