Pointe Capital Management LLC Decreases Holdings in Targa Resources Corp (TRGP)

Pointe Capital Management LLC lowered its stake in shares of Targa Resources Corp (NYSE:TRGP) by 22.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 10,378 shares of the pipeline company’s stock after selling 2,963 shares during the period. Pointe Capital Management LLC’s holdings in Targa Resources were worth $503,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Targa Resources by 17.7% in the 2nd quarter. Vanguard Group Inc. now owns 18,768,732 shares of the pipeline company’s stock valued at $848,347,000 after purchasing an additional 2,823,104 shares during the last quarter. Harvest Fund Advisors LLC lifted its stake in shares of Targa Resources by 40.8% in the 3rd quarter. Harvest Fund Advisors LLC now owns 4,990,690 shares of the pipeline company’s stock valued at $236,060,000 after purchasing an additional 1,446,438 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Targa Resources by 13.3% in the 2nd quarter. BlackRock Inc. now owns 11,428,578 shares of the pipeline company’s stock valued at $516,575,000 after purchasing an additional 1,338,025 shares during the last quarter. Janus Henderson Group PLC lifted its stake in shares of Targa Resources by 4,386.0% in the 2nd quarter. Janus Henderson Group PLC now owns 1,090,734 shares of the pipeline company’s stock valued at $49,301,000 after purchasing an additional 1,066,420 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Targa Resources by 12.9% in the 2nd quarter. State Street Corp now owns 4,295,711 shares of the pipeline company’s stock valued at $194,165,000 after purchasing an additional 490,077 shares during the last quarter. 87.43% of the stock is owned by institutional investors.

In related news, VP John Richard Klein sold 2,292 shares of Targa Resources stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $41.85, for a total value of $95,920.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.93% of the company’s stock.

Targa Resources Corp (NYSE TRGP) opened at $51.44 on Friday. Targa Resources Corp has a twelve month low of $39.59 and a twelve month high of $61.83. The company has a quick ratio of 0.57, a current ratio of 0.74 and a debt-to-equity ratio of 0.67.

Several equities research analysts recently issued reports on TRGP shares. BidaskClub raised shares of Targa Resources from a “hold” rating to a “buy” rating in a research note on Saturday, September 16th. Robert W. Baird reaffirmed a “buy” rating and issued a $53.00 price objective on shares of Targa Resources in a research note on Sunday, September 17th. Citigroup lowered shares of Targa Resources from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $54.00 to $52.00 in a research note on Tuesday, October 10th. BMO Capital Markets set a $51.00 price objective on shares of Targa Resources and gave the company a “hold” rating in a research note on Friday, October 13th. Finally, Wells Fargo & Co reduced their price objective on shares of Targa Resources from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Friday, October 13th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $53.89.

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About Targa Resources

Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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