AMJ Financial Wealth Management Cuts Stake in Targa Resources, Inc. $TRGP

AMJ Financial Wealth Management lowered its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 60.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 8,371 shares of the pipeline company’s stock after selling 13,041 shares during the period. AMJ Financial Wealth Management’s holdings in Targa Resources were worth $1,544,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Korea Investment CORP increased its holdings in shares of Targa Resources by 37.4% during the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after acquiring an additional 70,998 shares in the last quarter. Alps Advisors Inc. lifted its holdings in Targa Resources by 5.5% in the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock valued at $24,110,000 after acquiring an additional 7,497 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Targa Resources by 5.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock worth $81,167,000 after buying an additional 22,969 shares during the period. NFC Investments LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth approximately $8,478,000. Finally, Nordea Investment Management AB raised its stake in Targa Resources by 13.5% in the 3rd quarter. Nordea Investment Management AB now owns 146,368 shares of the pipeline company’s stock valued at $24,325,000 after purchasing an additional 17,457 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Activity

In other news, Director Lindsey Cooksen sold 435 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $231.72, for a total value of $100,798.20. Following the completion of the sale, the director owned 11,670 shares of the company’s stock, valued at $2,704,172.40. This represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total value of $7,548,696.32. Following the completion of the transaction, the insider directly owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This represents a 9.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 115,531 shares of company stock valued at $27,405,821 in the last 90 days. 1.37% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have issued reports on TRGP shares. Wells Fargo & Company raised their target price on Targa Resources from $264.00 to $270.00 and gave the stock an “overweight” rating in a research note on Friday, May 8th. Barclays increased their price target on Targa Resources from $255.00 to $262.00 and gave the company an “overweight” rating in a research report on Thursday. Royal Bank Of Canada reissued an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research report on Tuesday. UBS Group lifted their price target on Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Finally, Mizuho lifted their price target on Targa Resources from $207.00 to $260.00 and gave the stock an “outperform” rating in a research report on Thursday, March 19th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and an average price target of $266.36.

Targa Resources Stock Performance

Targa Resources stock opened at $272.04 on Friday. The firm has a market capitalization of $58.39 billion, a P/E ratio of 27.51, a PEG ratio of 1.67 and a beta of 0.75. The stock has a fifty day moving average price of $244.80 and a 200 day moving average price of $208.36. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $273.11. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Equities research analysts anticipate that Targa Resources, Inc. will post 10.66 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Targa Resources Company 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.