U.S. Capital Wealth Advisors LLC Reduces Stock Position in Targa Resources, Inc. $TRGP

U.S. Capital Wealth Advisors LLC cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 72.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 30,265 shares of the pipeline company’s stock after selling 79,565 shares during the quarter. U.S. Capital Wealth Advisors LLC’s holdings in Targa Resources were worth $5,071,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. State of Wyoming grew its holdings in shares of Targa Resources by 3.2% in the second quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock worth $361,000 after acquiring an additional 64 shares during the period. UMB Bank n.a. raised its holdings in Targa Resources by 11.9% in the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock worth $115,000 after purchasing an additional 70 shares during the period. QRG Capital Management Inc. lifted its position in Targa Resources by 0.8% during the second quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock valued at $1,618,000 after purchasing an additional 72 shares in the last quarter. ICONIQ Capital LLC grew its holdings in Targa Resources by 5.7% during the second quarter. ICONIQ Capital LLC now owns 1,437 shares of the pipeline company’s stock valued at $250,000 after purchasing an additional 78 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in Targa Resources by 10.9% in the second quarter. Parkside Financial Bank & Trust now owns 805 shares of the pipeline company’s stock worth $140,000 after buying an additional 79 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.2%

TRGP opened at $178.33 on Friday. The company has a market capitalization of $38.28 billion, a PE ratio of 23.71, a price-to-earnings-growth ratio of 1.03 and a beta of 0.89. The firm has a 50-day simple moving average of $167.15 and a two-hundred day simple moving average of $166.97. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The firm had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, October 31st. Targa Resources’s dividend payout ratio is 53.19%.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction on 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 transaction, the insider owned 22,139 shares in the company, valued at $3,812,557.19. This trade represents a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction 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 completion of the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TRGP has been the topic of a number of analyst reports. BMO Capital Markets lifted their price objective on Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Morgan Stanley raised their target price on shares of Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. Mizuho dropped their price target on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Royal Bank Of Canada increased 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. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $210.79.

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.