Duff & Phelps Investment Management Co. Trims Holdings in Targa Resources, Inc. $TRGP

Duff & Phelps Investment Management Co. trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP) by 3.6% in the 3rd quarter, Holdings Channel reports. The fund owned 478,031 shares of the pipeline company’s stock after selling 17,619 shares during the quarter. Duff & Phelps Investment Management Co.’s holdings in Targa Resources were worth $80,089,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Alps Advisors Inc. grew its holdings in shares of Targa Resources by 5.5% during the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock valued at $24,110,000 after buying an additional 7,497 shares during the last quarter. Commonwealth Equity Services LLC raised its holdings in Targa Resources by 137.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after acquiring an additional 38,626 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Targa Resources by 2.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock valued at $114,313,000 after acquiring an additional 16,000 shares in the last quarter. Korea Investment CORP lifted its position in Targa Resources by 37.4% in the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after acquiring an additional 70,998 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in Targa Resources by 5.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock valued at $81,167,000 after purchasing an additional 22,969 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have commented on TRGP shares. The Goldman Sachs Group reissued a “buy” rating and issued a $242.00 target price on shares of Targa Resources in a report on Friday, February 20th. TD Cowen increased their price objective on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research report on Monday, February 23rd. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Stifel Nicolaus boosted their target price on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Finally, UBS Group reissued a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $240.79.

Targa Resources Stock Up 1.7%

TRGP stock opened at $236.49 on Thursday. The company has a market cap of $50.83 billion, a price-to-earnings ratio of 27.53, a P/E/G ratio of 0.99 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The business’s 50-day moving average is $208.44 and its two-hundred day moving average is $182.10. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $250.00.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%.The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. As a group, analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is 46.57%.

Insiders Place Their Bets

In other Targa Resources news, Director Lindsey Cooksen sold 435 shares of Targa Resources stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total transaction of $100,798.20. Following the transaction, the director owned 11,670 shares of the company’s stock, valued at $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.34% of the stock is currently owned by corporate insiders.

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.