First Horizon Advisors Inc. Trims Position in Targa Resources Corp. (NYSE:TRGP)

First Horizon Advisors Inc. reduced its holdings in Targa Resources Corp. (NYSE:TRGP) by 49.1% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,079 shares of the pipeline company’s stock after selling 1,042 shares during the quarter. First Horizon Advisors Inc.’s holdings in Targa Resources were worth $160,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Strategic Investment Solutions Inc. IL acquired a new position in shares of Targa Resources during the 2nd quarter valued at about $29,000. DT Investment Partners LLC acquired a new position in Targa Resources during the third quarter worth approximately $29,000. UMB Bank n.a. raised its stake in Targa Resources by 2,220.0% during the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares during the period. Prospera Private Wealth LLC acquired a new position in shares of Targa Resources in the 3rd quarter valued at $35,000. Finally, Whittier Trust Co. purchased a new stake in shares of Targa Resources during the 2nd quarter valued at $44,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of TRGP stock opened at $207.31 on Friday. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company’s fifty day moving average price is $169.37 and its two-hundred day moving average price is $143.93. The firm has a market capitalization of $45.21 billion, a P/E ratio of 37.49, a P/E/G ratio of 0.82 and a beta of 2.24. Targa Resources Corp. has a 12 month low of $81.03 and a 12 month high of $209.87.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The firm had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. During the same quarter in the prior year, the business posted $0.97 earnings per share. On average, research analysts anticipate that Targa Resources Corp. will post 6.23 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.45%. The ex-dividend date was Thursday, October 31st. Targa Resources’s payout ratio is currently 54.25%.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 30,000 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the sale, the insider now directly owns 82,979 shares of the company’s stock, valued at $15,793,393.07. The trade was a 26.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $146.20, for a total value of $365,500.00. Following the sale, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 1.41 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 185,760 shares of company stock worth $30,026,712. Insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on TRGP shares. UBS Group lifted their target price on Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a report on Friday, November 15th. Stifel Nicolaus lifted their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley increased their target price on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Barclays lifted their price target on shares of Targa Resources from $155.00 to $171.00 and gave the company an “overweight” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada increased their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $176.50.

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.