Targa Resources, Inc. $TRGP Shares Sold by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 25.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 234,390 shares of the pipeline company’s stock after selling 80,970 shares during the period. TimesSquare Capital Management LLC owned about 0.11% of Targa Resources worth $39,270,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of 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 increased its stake in Targa Resources by 1.7% during the second quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock worth $1,022,222,000 after acquiring an additional 95,611 shares during the last quarter. Norges Bank purchased a new stake in Targa Resources in the second quarter valued at $708,366,000. Canada Pension Plan Investment Board increased its position in shares of Targa Resources by 12.0% during the 2nd 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 during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Targa Resources by 7.2% during the second quarter. Legal & General Group Plc now owns 1,601,244 shares of the pipeline company’s stock valued at $278,745,000 after acquiring an additional 107,028 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares in the company, 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 can be accessed through this link. Insiders own 1.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on TRGP. Royal Bank Of Canada raised their price target on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 3rd. Morgan Stanley reissued an “overweight” rating and issued a $266.00 price objective on shares of Targa Resources in a research note on Wednesday, January 28th. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $196.00 price objective on shares of Targa Resources in a research report on Monday, January 12th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and an average target price of $213.50.

Targa Resources Stock Performance

NYSE TRGP opened at $223.73 on Friday. The business has a fifty day moving average of $190.15 and a 200-day moving average of $173.44. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $225.35. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The stock has a market cap of $48.03 billion, a price-to-earnings ratio of 29.75, a price-to-earnings-growth ratio of 0.96 and a beta of 0.88.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

About Targa Resources

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.