Lindbrook Capital LLC Sells 3,333 Shares of Targa Resources Corp. (NYSE:TRGP)

Lindbrook Capital LLC reduced its stake in Targa Resources Corp. (NYSE:TRGP) by 21.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,033 shares of the pipeline company’s stock after selling 3,333 shares during the period. Lindbrook Capital LLC’s holdings in Targa Resources were worth $2,148,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of TRGP. Raymond James Financial Inc. acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $150,372,000. Wellington Management Group LLP boosted its holdings in shares of Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock worth $89,413,000 after acquiring an additional 259,776 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Targa Resources by 40.0% in the 4th quarter. Allianz Asset Management GmbH now owns 890,514 shares of the pipeline company’s stock worth $158,957,000 after acquiring an additional 254,286 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in shares of Targa Resources by 599.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after acquiring an additional 246,762 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

TRGP stock opened at $186.67 on Thursday. The business’s fifty day moving average is $198.60 and its 200-day moving average is $179.41. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $40.71 billion, a P/E ratio of 32.52, a price-to-earnings-growth ratio of 0.61 and a beta of 2.29. Targa Resources Corp. has a twelve month low of $103.04 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio is currently 52.26%.

Insider Activity at Targa Resources

In related news, CEO Matthew J. Meloy sold 48,837 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the completion of the sale, the chief executive officer now owns 725,628 shares in the company, valued at $141,555,510.24. This represents a 6.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the sale, the director now owns 2,899 shares of the company’s stock, valued at approximately $568,957.74. This represents a 43.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,914 shares of company stock worth $22,613,288 in the last quarter. Corporate insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Mizuho boosted their target price on Targa Resources from $208.00 to $226.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. The Goldman Sachs Group upped their price objective on Targa Resources from $185.00 to $223.00 and gave the stock a “buy” rating in a report on Thursday, December 19th. Citigroup upped their price objective on Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. UBS Group upped their price objective on Targa Resources from $182.00 to $246.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Stifel Nicolaus upped their price objective on Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources presently has an average rating of “Buy” and an average target price of $207.00.

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.