Point72 Hong Kong Ltd Lowers Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Point72 Hong Kong Ltd trimmed its stake in Targa Resources Corp. (NYSE:TRGP) by 63.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 53,431 shares of the pipeline company’s stock after selling 93,741 shares during the period. Point72 Hong Kong Ltd’s holdings in Targa Resources were worth $9,538,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TRGP. Barclays PLC boosted its position in Targa Resources by 19.5% in the 3rd quarter. Barclays PLC now owns 1,034,545 shares of the pipeline company’s stock valued at $153,124,000 after buying an additional 168,602 shares during the period. Wealth Enhancement Advisory Services LLC lifted its position in shares of Targa Resources by 1.2% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 13,529 shares of the pipeline company’s stock worth $2,415,000 after purchasing an additional 158 shares during the period. Czech National Bank lifted its position in shares of Targa Resources by 5.9% in the 4th quarter. Czech National Bank now owns 47,281 shares of the pipeline company’s stock worth $8,440,000 after purchasing an additional 2,653 shares during the period. Capital Investment Advisors LLC lifted its position in shares of Targa Resources by 191.4% in the 4th quarter. Capital Investment Advisors LLC now owns 8,268 shares of the pipeline company’s stock worth $1,476,000 after purchasing an additional 5,431 shares during the period. Finally, Rosenberg Matthew Hamilton lifted its position in shares of Targa Resources by 49.4% in the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $168.77 on Thursday. The company’s fifty day moving average price is $177.82 and its 200 day moving average price is $188.01. Targa Resources Corp. has a 1 year low of $113.65 and a 1 year high of $218.51. The company has a market capitalization of $36.61 billion, a PE ratio of 29.40, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. On average, research analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently declared a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a dividend of $1.00 per share. This represents a yield of 2.34%. The ex-dividend date is Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 73.66%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TRGP. Royal Bank of Canada lowered their price target on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a research report on Thursday, May 8th. Citigroup decreased their target price on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Barclays cut their price target on shares of Targa Resources from $211.00 to $206.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Wells Fargo & Company upped their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Finally, US Capital Advisors upgraded shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Thirteen equities research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $202.93.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at $43,731,100.98. This trade represents a 11.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at approximately $141,555,510.24. The trade was a 6.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 115,914 shares of company stock valued at $22,613,288 over the last ninety days. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Company 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.