Aberdeen Group plc Sells 19,858 Shares of Targa Resources, Inc. $TRGP

Aberdeen Group plc lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 11.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 155,713 shares of the pipeline company’s stock after selling 19,858 shares during the period. Aberdeen Group plc’s holdings in Targa Resources were worth $26,330,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Peoples Financial Services CORP. acquired a new stake in shares of Targa Resources during the 3rd quarter valued at $34,000. Root Financial Partners LLC acquired a new position in Targa Resources in the 3rd quarter worth about $39,000. Avion Wealth raised its position in Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after purchasing an additional 228 shares during the last quarter. First Horizon Corp acquired a new stake in shares of Targa Resources during the third quarter valued at about $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources during the second quarter valued at about $53,000. Institutional investors own 92.13% of the company’s stock.

Insider Activity

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TRGP has been the subject of a number of research reports. Weiss Ratings upgraded shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Stifel Nicolaus set a $213.00 price objective on Targa Resources in a report on Thursday, November 6th. Finally, Scotiabank reaffirmed an “outperform” rating and set a $224.00 target price on shares of Targa Resources in a research report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $213.50.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $224.07 on Wednesday. The business has a 50-day simple moving average of $191.86 and a 200 day simple moving average of $174.32. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $226.00. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The firm has a market capitalization of $48.10 billion, a price-to-earnings ratio of 29.80, a PEG ratio of 0.96 and a beta of 0.88.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given 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 is presently 53.19%.

Targa Resources 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.