Connor Clark & Lunn Investment Management Ltd. Sells 124,663 Shares of Targa Resources, Inc. $TRGP

Connor Clark & Lunn Investment Management Ltd. reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 43.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 163,551 shares of the pipeline company’s stock after selling 124,663 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.08% of Targa Resources worth $28,471,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Disciplina Capital Management LLC purchased a new stake in Targa Resources during the 1st quarter valued at about $46,000. Hilltop National Bank purchased a new stake in shares of Targa Resources during the second quarter valued at approximately $63,000. Private Trust Co. NA grew its holdings in shares of Targa Resources by 57.1% in the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after purchasing an additional 173 shares during the last quarter. Wolff Wiese Magana LLC increased its stake in shares of Targa Resources by 61.0% in the second quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock worth $84,000 after buying an additional 183 shares during the period. Finally, Atwood & Palmer Inc. increased its stake in shares of Targa Resources by 538.9% in the second quarter. Atwood & Palmer Inc. now owns 575 shares of the pipeline company’s stock worth $100,000 after buying an additional 485 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $171.81 on Monday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The stock has a market capitalization of $36.97 billion, a P/E ratio of 24.30, a P/E/G ratio of 0.91 and a beta of 1.16. The company’s 50-day moving average is $161.19 and its 200 day moving average is $164.66. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. On average, sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be paid a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s dividend payout ratio is presently 53.19%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday. Mizuho lowered their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Finally, BMO Capital Markets lifted their price objective on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $209.50.

About Targa Resources

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.