Targa Resources, Inc. $TRGP Stake Lowered by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.5% in the third quarter, Holdings Channel.com reports. The firm owned 182,426 shares of the pipeline company’s stock after selling 8,643 shares during the period. Westfield Capital Management Co. LP’s holdings in Targa Resources were worth $30,564,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of TRGP. US Bancorp DE grew its stake in shares of Targa Resources by 2.1% in the 3rd quarter. US Bancorp DE now owns 28,280 shares of the pipeline company’s stock valued at $4,738,000 after buying an additional 581 shares in the last quarter. MAI Capital Management grew its position in Targa Resources by 2.3% in the third quarter. MAI Capital Management now owns 53,925 shares of the pipeline company’s stock worth $9,035,000 after acquiring an additional 1,201 shares in the last quarter. Mufg Securities Americas Inc. grew its position in Targa Resources by 20.7% in the third quarter. Mufg Securities Americas Inc. now owns 5,803 shares of the pipeline company’s stock worth $972,000 after acquiring an additional 995 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Targa Resources by 51.4% during the 3rd quarter. EverSource Wealth Advisors LLC now owns 3,231 shares of the pipeline company’s stock worth $541,000 after purchasing an additional 1,097 shares during the last quarter. Finally, Legacy Financial Advisors Inc. bought a new position in shares of Targa Resources during the 3rd quarter valued at $667,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

In other news, insider Gerald R. Shrader sold 2,750 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the sale, the insider directly owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Jennifer R. Kneale sold 29,509 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the completion of the transaction, the president owned 235,260 shares of the company’s stock, valued at $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 33,618 shares of company stock worth $7,600,557 over the last three months. Company insiders own 1.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on TRGP shares. Stifel Nicolaus upped their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a report on Friday, February 20th. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Royal Bank Of Canada boosted their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Finally, UBS Group reissued a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $235.50.

Targa Resources Trading Up 0.5%

Shares of TRGP stock opened at $231.20 on Friday. The firm has a market capitalization of $49.70 billion, a P/E ratio of 26.92, a price-to-earnings-growth ratio of 0.99 and a beta of 0.88. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $234.41. The firm’s fifty day simple moving average is $198.60 and its 200 day simple moving average is $177.35. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21.

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

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is 46.57%.

Targa Resources Company 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.