Canopy Partners LLC Takes Position in Targa Resources Corp. (NYSE:TRGP)

Canopy Partners LLC bought a new position in shares of Targa Resources Corp. (NYSE:TRGP) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,456 shares of the pipeline company’s stock, valued at approximately $216,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Strategic Investment Solutions Inc. IL bought a new position in shares of Targa Resources during the 2nd quarter valued at about $29,000. DT Investment Partners LLC purchased a new stake in shares of Targa Resources in the third quarter worth about $29,000. UMB Bank n.a. boosted its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock valued at $30,000 after buying an additional 222 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in Targa Resources during the 3rd quarter valued at approximately $35,000. Finally, Whittier Trust Co. bought a new stake in Targa Resources in the 2nd quarter worth approximately $44,000. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Barclays raised their target price on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a report on Tuesday, October 15th. Wells Fargo & Company lifted their price objective on shares of Targa Resources from $153.00 to $190.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 6th. Morgan Stanley upped their target price on shares of Targa Resources from $173.00 to $202.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. The Goldman Sachs Group lifted their price target on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, UBS Group upped their price objective on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $176.50.

Targa Resources Trading Down 0.2 %

NYSE:TRGP opened at $207.34 on Friday. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a 50-day simple moving average of $169.37 and a 200-day simple moving average of $143.93. Targa Resources Corp. has a one year low of $81.03 and a one year high of $209.87. The firm has a market cap of $45.21 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last posted its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter in the prior year, the business earned $0.97 earnings per share. Equities analysts anticipate that Targa Resources Corp. will post 6.23 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.75 dividend. The ex-dividend date was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.45%. Targa Resources’s dividend payout ratio (DPR) is 54.25%.

Insiders Place Their Bets

In related news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the completion of the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This trade represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. The trade was a 26.55 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 185,760 shares of company stock valued at $30,026,712. 1.39% of the stock is owned by company insiders.

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.