Picton Mahoney Asset Management Sells 14,928 Shares of Targa Resources Corp. (NYSE:TRGP)

Picton Mahoney Asset Management lowered its stake in Targa Resources Corp. (NYSE:TRGP) by 18.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 68,053 shares of the pipeline company’s stock after selling 14,928 shares during the quarter. Picton Mahoney Asset Management’s holdings in Targa Resources were worth $12,148,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in shares of Targa Resources by 4.4% in the 3rd quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock valued at $2,235,927,000 after acquiring an additional 633,589 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Targa Resources by 1.7% in the 3rd quarter. Geode Capital Management LLC now owns 5,717,487 shares of the pipeline company’s stock valued at $843,680,000 after acquiring an additional 97,583 shares in the last quarter. Amundi increased its stake in shares of Targa Resources by 20.9% in the 4th quarter. Amundi now owns 1,841,175 shares of the pipeline company’s stock valued at $353,469,000 after acquiring an additional 318,261 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Targa Resources by 2.7% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,464,111 shares of the pipeline company’s stock valued at $261,344,000 after acquiring an additional 38,723 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Targa Resources by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,331,503 shares of the pipeline company’s stock valued at $197,076,000 after acquiring an additional 14,287 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, insider Jennifer R. Kneale sold 29,887 shares of the business’s stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the transaction, the insider now directly owns 227,269 shares of the company’s stock, valued at approximately $43,731,100.98. The trade was a 11.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Meloy sold 48,837 shares of the business’s stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now directly owns 725,628 shares in the company, valued at $141,555,510.24. This trade represents a 6.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 115,914 shares of company stock valued at $22,613,288. 1.44% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Mizuho lifted their price objective on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a research note on Thursday, February 20th. Citigroup lifted their price target on shares of Targa Resources from $218.00 to $227.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Barclays lifted their price target on shares of Targa Resources from $171.00 to $204.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. US Capital Advisors downgraded shares of Targa Resources from a “moderate buy” rating to a “hold” rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company lifted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $206.43.

Targa Resources Price Performance

TRGP opened at $190.13 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 has a market capitalization of $41.47 billion, a price-to-earnings ratio of 33.12, a P/E/G ratio of 0.61 and a beta of 2.32. The firm’s fifty day moving average price is $199.06 and its two-hundred day moving average price is $181.09. Targa Resources Corp. has a 1 year low of $104.89 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The firm had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date was Friday, January 31st. Targa Resources’s dividend payout ratio (DPR) is currently 52.26%.

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.