Picton Mahoney Asset Management Sells 14,928 Shares of Targa Resources Corp. (NYSE:TRGP)

Picton Mahoney Asset Management cut its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 18.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 68,053 shares of the pipeline company’s stock after selling 14,928 shares during the period. Picton Mahoney Asset Management’s holdings in Targa Resources were worth $12,148,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wellington Management Group LLP increased its position in shares of Targa Resources by 4.4% during the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after buying an additional 633,589 shares during the period. Geode Capital Management LLC increased its position in shares of Targa Resources by 1.7% during the third quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after buying an additional 97,583 shares during the period. Amundi increased its position in shares of Targa Resources by 20.9% during the fourth quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock valued at $353,469,000 after buying an additional 318,261 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Targa Resources by 2.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,464,111 shares of the pipeline company’s stock valued at $261,344,000 after buying an additional 38,723 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Targa Resources by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after buying an additional 14,287 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Up 4.0 %

Shares of TRGP opened at $190.13 on Friday. The firm has a market cap of $41.47 billion, a P/E ratio of 33.12, a P/E/G ratio of 0.61 and a beta of 2.32. Targa Resources Corp. has a 1 year low of $104.89 and a 1 year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The stock has a 50 day simple moving average of $199.06 and a two-hundred day simple moving average of $181.09.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.75 per share. The ex-dividend date was Friday, January 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.58%. Targa Resources’s dividend payout ratio is presently 52.26%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TRGP shares. UBS Group upped their price target on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. The Goldman Sachs Group boosted 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. Scotiabank cut their price objective on Targa Resources from $218.00 to $210.00 and set a “sector outperform” rating for the company in a report on Thursday, March 6th. Citigroup boosted 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. Finally, Barclays boosted their price objective on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $206.43.

Insider Activity at Targa Resources

In related news, insider Jennifer R. Kneale sold 29,887 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares in the company, valued at $43,731,100.98. This represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Waters S. Iv Davis sold 2,190 shares of the company’s stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $196.26, for a total value of $429,809.40. Following the transaction, 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 over the last quarter. 1.44% of the stock is owned by corporate insiders.

Targa Resources Company 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.