BI Asset Management Fondsmaeglerselskab A S Reduces Position in Targa Resources, Inc. $TRGP

BI Asset Management Fondsmaeglerselskab A S reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 78.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,774 shares of the pipeline company’s stock after selling 36,029 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Targa Resources were worth $1,638,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Peoples Financial Services CORP. purchased a new position in Targa Resources in the 3rd quarter valued at about $34,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources during the third quarter valued at approximately $39,000. Avion Wealth boosted its position in Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 228 shares during the last quarter. First Horizon Corp purchased a new stake in Targa Resources in the 3rd quarter worth approximately $47,000. Finally, Elevation Point Wealth Partners LLC purchased a new stake in Targa Resources in the 2nd quarter worth approximately $53,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on TRGP. BMO Capital Markets raised their price objective on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Stifel Nicolaus set a $213.00 price objective on shares of Targa Resources in a research note on Thursday, November 6th. UBS Group reissued a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. Finally, Morgan Stanley restated an “overweight” rating and issued a $266.00 target price on shares of Targa Resources in a report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and an average target price of $213.50.

Insider Transactions at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction dated Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the sale, the insider owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.34% of the company’s stock.

Targa Resources Stock Up 2.9%

TRGP opened at $211.59 on Monday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $211.87. The firm has a 50 day moving average price of $185.87 and a 200 day moving average price of $171.63. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. The company has a market cap of $45.42 billion, a PE ratio of 28.14, a price-to-earnings-growth ratio of 0.91 and a beta of 0.88.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a $1.00 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is 53.19%.

Targa Resources Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.