Wealthfront Advisers LLC Sells 5,237 Shares of Targa Resources, Inc. $TRGP

Wealthfront Advisers LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 26.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 14,654 shares of the pipeline company’s stock after selling 5,237 shares during the period. Wealthfront Advisers LLC’s holdings in Targa Resources were worth $2,455,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Woodline Partners LP lifted its holdings in Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after purchasing an additional 5,327 shares during the last quarter. Focus Partners Wealth raised its position in shares of Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after purchasing an additional 2,404 shares during the period. Sequoia Financial Advisors LLC lifted its stake in shares of Targa Resources by 26.3% in the second quarter. Sequoia Financial Advisors LLC now owns 5,926 shares of the pipeline company’s stock worth $1,032,000 after buying an additional 1,235 shares during the last quarter. Axxcess Wealth Management LLC boosted its holdings in shares of Targa Resources by 12.3% during the 2nd quarter. Axxcess Wealth Management LLC now owns 2,160 shares of the pipeline company’s stock worth $376,000 after buying an additional 236 shares during the period. Finally, New York State Teachers Retirement System grew its stake in Targa Resources by 12.2% in the 2nd quarter. New York State Teachers Retirement System now owns 166,918 shares of the pipeline company’s stock valued at $29,057,000 after buying an additional 18,118 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TRGP. Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a research report on Thursday, November 6th. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Morgan Stanley reissued an “overweight” rating and set a $266.00 price objective on shares of Targa Resources in a research report on Wednesday, January 28th. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $196.00 target price on shares of Targa Resources in a report on Monday, January 12th. Finally, Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $213.50.

Targa Resources Price Performance

Shares of TRGP stock opened at $223.73 on Friday. The company has a market capitalization of $48.02 billion, a P/E ratio of 29.75, a P/E/G ratio of 0.94 and a beta of 0.88. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $225.35. The stock has a 50 day moving average of $190.15 and a two-hundred day moving average of $173.41.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is presently 53.19%.

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.