Targa Resources Corp. (NYSE:TRGP) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC decreased its position in Targa Resources Corp. (NYSE:TRGP) by 0.8% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,534,815 shares of the pipeline company’s stock after selling 12,900 shares during the period. Clearbridge Investments LLC owned about 0.69% of Targa Resources worth $171,884,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV boosted its stake in shares of Targa Resources by 17.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 633 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 93 shares during the last quarter. Gulf International Bank UK Ltd boosted its stake in shares of Targa Resources by 0.6% during the first quarter. Gulf International Bank UK Ltd now owns 17,695 shares of the pipeline company’s stock valued at $1,981,000 after acquiring an additional 100 shares during the last quarter. Global Retirement Partners LLC boosted its stake in shares of Targa Resources by 0.5% during the first quarter. Global Retirement Partners LLC now owns 24,515 shares of the pipeline company’s stock valued at $2,745,000 after acquiring an additional 116 shares during the last quarter. Greenleaf Trust boosted its stake in shares of Targa Resources by 2.2% during the first quarter. Greenleaf Trust now owns 6,013 shares of the pipeline company’s stock valued at $673,000 after acquiring an additional 128 shares during the last quarter. Finally, HB Wealth Management LLC boosted its stake in shares of Targa Resources by 3.3% during the fourth quarter. HB Wealth Management LLC now owns 4,970 shares of the pipeline company’s stock valued at $432,000 after acquiring an additional 160 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Down 1.3 %

Shares of NYSE:TRGP traded down $1.83 during mid-day trading on Tuesday, hitting $135.93. 897,978 shares of the company traded hands, compared to its average volume of 1,595,564. The firm has a market cap of $30.14 billion, a P/E ratio of 28.18, a PEG ratio of 0.79 and a beta of 2.27. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.62 and a current ratio of 0.70. Targa Resources Corp. has a 52-week low of $77.97 and a 52-week high of $138.28. The firm’s 50 day simple moving average is $124.32 and its 200 day simple moving average is $109.45.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 2nd. The pipeline company reported $1.22 earnings per share for the quarter, missing analysts’ consensus estimates of $1.35 by ($0.13). Targa Resources had a net margin of 6.86% and a return on equity of 24.41%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $4.28 billion. On average, equities analysts anticipate that Targa Resources Corp. will post 5.38 EPS for the current year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $3.00 dividend on an annualized basis and a yield of 2.21%. Targa Resources’s dividend payout ratio is currently 61.73%.

Wall Street Analyst Weigh In

A number of analysts recently commented on TRGP shares. Royal Bank of Canada increased their price objective on Targa Resources from $123.00 to $128.00 and gave the company an “outperform” rating in a research note on Thursday, May 16th. Argus began coverage on Targa Resources in a research note on Wednesday, June 26th. They issued a “buy” rating and a $140.00 price target on the stock. JPMorgan Chase & Co. raised their price target on Targa Resources from $140.00 to $145.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 2nd. Morgan Stanley raised their price target on Targa Resources from $134.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, June 10th. Finally, Barclays raised their price target on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $132.15.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $113.13, for a total transaction of $2,262,600.00. Following the completion of the transaction, the insider now owns 136,098 shares in the company, valued at approximately $15,396,766.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Targa Resources news, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction on Friday, June 28th. The stock was sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the sale, the insider now owns 186,951 shares of the company’s stock, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction on Monday, May 13th. The shares were sold at an average price of $113.13, for a total value of $2,262,600.00. Following the sale, the insider now directly owns 136,098 shares in the company, valued at approximately $15,396,766.74. The disclosure for this sale can be found here. Insiders sold 52,691 shares of company stock worth $6,197,632 in the last 90 days. 1.39% of the stock is currently owned by company insiders.

Targa Resources 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.