Arrowstreet Capital Limited Partnership Cuts Stock Position in Targa Resources, Inc. $TRGP

Arrowstreet Capital Limited Partnership lessened its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 65.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 290,670 shares of the pipeline company’s stock after selling 560,304 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.14% of Targa Resources worth $50,600,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Vanguard Group Inc. grew its holdings in Targa Resources by 1.4% in the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock worth $4,867,314,000 after purchasing an additional 375,939 shares during the last quarter. Wellington Management Group LLP grew its stake in Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after buying an additional 962,631 shares during the last quarter. Geode Capital Management LLC grew its stake in Targa Resources by 1.7% during the 2nd quarter. Geode Capital Management LLC now owns 5,856,899 shares of the pipeline company’s stock worth $1,022,222,000 after buying an additional 95,611 shares during the last quarter. Invesco Ltd. increased its position in Targa Resources by 3.2% during the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock valued at $915,338,000 after buying an additional 139,780 shares in the last quarter. Finally, Norges Bank purchased a new stake in Targa Resources in the second quarter valued at about $708,366,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated 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 represents a 47.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.34% of the stock is currently owned by company insiders.

Targa Resources Stock Up 2.4%

Shares of TRGP stock opened at $179.93 on Friday. The stock has a 50 day moving average of $163.60 and a 200 day moving average of $165.38. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 5.91. The stock has a market cap of $38.62 billion, a P/E ratio of 23.93, a P/E/G ratio of 1.02 and a beta of 0.89. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $218.51.

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

Targa Resources Dividend Announcement

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

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research analyst reports. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Morgan Stanley lifted 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 target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. Scotiabank decreased their price target on shares of Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating for the company in a report on Thursday, November 13th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $210.57.

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.