Symphony Financial Ltd. Co. Cuts Holdings in Targa Resources, Inc. $TRGP

Symphony Financial Ltd. Co. trimmed its position in Targa Resources, Inc. (NYSE:TRGP) by 72.1% during the 3rd quarter, HoldingsChannel reports. The firm owned 1,573 shares of the pipeline company’s stock after selling 4,056 shares during the quarter. Symphony Financial Ltd. Co.’s holdings in Targa Resources were worth $262,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Y Intercept Hong Kong Ltd purchased a new position in Targa Resources during the 3rd quarter valued at approximately $1,160,000. UniSuper Management Pty Ltd grew its holdings in shares of Targa Resources by 18.3% in the third quarter. UniSuper Management Pty Ltd now owns 23,251 shares of the pipeline company’s stock valued at $3,895,000 after purchasing an additional 3,597 shares in the last quarter. Birch Financial Group LLC increased its position in Targa Resources by 10.8% in the third quarter. Birch Financial Group LLC now owns 1,800 shares of the pipeline company’s stock worth $302,000 after purchasing an additional 176 shares during the last quarter. iA Global Asset Management Inc. raised its stake in Targa Resources by 50.7% during the third quarter. iA Global Asset Management Inc. now owns 21,358 shares of the pipeline company’s stock valued at $3,578,000 after purchasing an additional 7,189 shares in the last quarter. Finally, Avidian Wealth Enterprises LLC raised its stake in Targa Resources by 23.5% during the third quarter. Avidian Wealth Enterprises LLC now owns 1,818 shares of the pipeline company’s stock valued at $305,000 after purchasing an additional 346 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction dated Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares in the company, valued at $3,812,557.19. This trade represents a 47.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction dated Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares in the company, valued at $5,356,748.81. This represents a 8.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. The Goldman Sachs Group reiterated a “buy” rating and issued a $196.00 price target on shares of Targa Resources in a research report on Monday, January 12th. Stifel Nicolaus set a $213.00 price objective on Targa Resources in a research report on Thursday, November 6th. Wells Fargo & Company lifted their target price on Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Finally, Scotiabank reissued an “outperform” rating and set a $224.00 target price on shares of Targa Resources in a research report on Friday, January 16th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $213.14.

Targa Resources Stock Up 0.1%

Shares of NYSE TRGP opened at $191.65 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $213.19. The firm has a 50-day simple moving average of $179.80 and a two-hundred day simple moving average of $169.28. The company has a market cap of $41.14 billion, a P/E ratio of 25.49, a PEG ratio of 0.82 and a beta of 0.87. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results 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 return on equity of 51.87% and a net margin of 9.35%.The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Research analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Friday, January 30th. Targa Resources’s dividend payout ratio (DPR) is 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.