Cetera Advisors LLC Decreases Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Cetera Advisors LLC trimmed its stake in shares of Targa Resources Corp. (NYSE:TRGPGet Rating) by 71.2% in the 1st quarter, Holdings Channel reports. The firm owned 3,907 shares of the pipeline company’s stock after selling 9,649 shares during the period. Cetera Advisors LLC’s holdings in Targa Resources were worth $295,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Targa Resources by 7.3% during the fourth quarter. BlackRock Inc. now owns 21,959,815 shares of the pipeline company’s stock valued at $1,147,183,000 after purchasing an additional 1,499,300 shares during the last quarter. State Street Corp raised its holdings in shares of Targa Resources by 2.7% during the fourth quarter. State Street Corp now owns 6,850,674 shares of the pipeline company’s stock valued at $357,879,000 after purchasing an additional 178,633 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Targa Resources by 5.4% during the fourth quarter. Invesco Ltd. now owns 5,546,511 shares of the pipeline company’s stock valued at $289,751,000 after purchasing an additional 286,421 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Targa Resources by 2.1% during the first quarter. Bank of New York Mellon Corp now owns 2,451,443 shares of the pipeline company’s stock valued at $185,010,000 after purchasing an additional 51,457 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its holdings in shares of Targa Resources by 1.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,015,329 shares of the pipeline company’s stock valued at $152,097,000 after purchasing an additional 38,119 shares during the last quarter. 87.45% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $69.62 on Tuesday. The firm has a fifty day moving average price of $64.52 and a 200-day moving average price of $68.74. The company has a debt-to-equity ratio of 1.60, a current ratio of 0.69 and a quick ratio of 0.62. The stock has a market cap of $15.77 billion, a PE ratio of 79.11 and a beta of 2.43. Targa Resources Corp. has a 1 year low of $43.22 and a 1 year high of $81.50.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 15th. Stockholders of record on Friday, July 29th were paid a $0.35 dividend. The ex-dividend date of this dividend was Thursday, July 28th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.01%. Targa Resources’s dividend payout ratio (DPR) is presently 159.09%.

Insider Transactions at Targa Resources

In related news, insider Regina Gregory sold 6,494 shares of the company’s stock in a transaction on Wednesday, August 10th. The shares were sold at an average price of $67.39, for a total transaction of $437,630.66. Following the completion of the transaction, the insider now owns 55,592 shares in the company, valued at $3,746,344.88. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.10% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TRGP shares. Mizuho boosted their price objective on shares of Targa Resources from $87.00 to $91.00 and gave the company a “buy” rating in a report on Tuesday, August 9th. Barclays reduced their target price on shares of Targa Resources from $92.00 to $87.00 and set an “overweight” rating for the company in a report on Wednesday, July 20th. Royal Bank of Canada upped their target price on shares of Targa Resources from $90.00 to $100.00 and gave the company an “outperform” rating in a report on Tuesday, July 12th. Morgan Stanley upped their target price on shares of Targa Resources from $103.00 to $105.00 and gave the company an “overweight” rating in a report on Wednesday, July 20th. Finally, Wells Fargo & Company reduced their target price on shares of Targa Resources to $83.00 and set an “overweight” rating for the company in a report on Friday, May 20th. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $81.91.

About Targa Resources

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Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. The company operates in two segments, Gathering and Processing, and Logistics and Transportation. It engages 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.

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

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