Picton Mahoney Asset Management Sells 53,745 Shares of Targa Resources Corp. (NYSE:TRGP)

Picton Mahoney Asset Management lowered its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 42.9% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 71,419 shares of the pipeline company’s stock after selling 53,745 shares during the period. Picton Mahoney Asset Management’s holdings in Targa Resources were worth $6,203,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in TRGP. Addison Advisors LLC acquired a new position in Targa Resources during the fourth quarter valued at approximately $27,000. VisionPoint Advisory Group LLC grew its stake in shares of Targa Resources by 111.2% during the third quarter. VisionPoint Advisory Group LLC now owns 397 shares of the pipeline company’s stock worth $34,000 after buying an additional 209 shares during the last quarter. EdgeRock Capital LLC bought a new stake in shares of Targa Resources during the fourth quarter worth $42,000. Rational Advisors LLC bought a new stake in shares of Targa Resources during the third quarter worth $43,000. Finally, Huntington National Bank grew its stake in shares of Targa Resources by 124.4% during the third quarter. Huntington National Bank now owns 534 shares of the pipeline company’s stock worth $46,000 after buying an additional 296 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In related news, insider D. Scott Pryor sold 10,000 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total value of $970,000.00. Following the sale, the insider now owns 156,098 shares in the company, valued at approximately $15,141,506. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Targa Resources news, Director Joe Bob Perkins sold 33,405 shares of the stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $97.67, for a total value of $3,262,666.35. Following the completion of the sale, the director now owns 38,440 shares in the company, valued at approximately $3,754,434.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider D. Scott Pryor sold 10,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $97.00, for a total transaction of $970,000.00. Following the completion of the sale, the insider now owns 156,098 shares of the company’s stock, valued at approximately $15,141,506. The disclosure for this sale can be found here. Insiders have sold 81,966 shares of company stock worth $7,987,215 in the last quarter. Insiders own 1.39% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. UBS Group decreased their target price on shares of Targa Resources from $109.00 to $108.00 and set a “buy” rating on the stock in a research note on Thursday, January 18th. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $105.00 to $117.00 and gave the stock a “buy” rating in a research note on Thursday, April 4th. Mizuho boosted their price objective on shares of Targa Resources from $105.00 to $130.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd. Wells Fargo & Company boosted their price objective on shares of Targa Resources from $109.00 to $124.00 and gave the stock an “overweight” rating in a research note on Friday, May 3rd. Finally, Barclays boosted their price objective on shares of Targa Resources from $116.00 to $122.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. One investment analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $119.92.

Targa Resources Trading Down 0.3 %

TRGP traded down $0.38 during trading on Wednesday, reaching $112.45. 1,119,438 shares of the stock traded hands, compared to its average volume of 1,719,833. The stock’s 50-day moving average is $110.94 and its 200 day moving average is $95.46. Targa Resources Corp. has a 12 month low of $67.36 and a 12 month high of $117.87. The stock has a market capitalization of $24.93 billion, a PE ratio of 23.14 and a beta of 2.19. The company has a quick ratio of 0.62, a current ratio of 0.70 and a debt-to-equity ratio of 2.73.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 15th. The pipeline company reported $1.23 earnings per share for the quarter, missing the consensus estimate of $1.49 by ($0.26). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The company had revenue of $4.24 billion for the quarter, compared to analyst estimates of $4.50 billion. Equities analysts anticipate that Targa Resources Corp. will post 5.72 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date is Monday, April 29th. This is a positive change from Targa Resources’s previous quarterly dividend of $0.50. Targa Resources’s dividend payout ratio is currently 61.73%.

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.