Barclays PLC Sells 231,787 Shares of Targa Resources, Inc. $TRGP

Barclays PLC decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 23.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 746,412 shares of the pipeline company’s stock after selling 231,787 shares during the period. Barclays PLC owned 0.35% of Targa Resources worth $125,054,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Peoples Financial Services CORP. bought a new stake in shares of Targa Resources in the 3rd quarter worth approximately $34,000. Root Financial Partners LLC bought a new position in shares of Targa Resources during the third quarter valued at approximately $39,000. Avion Wealth raised its holdings in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 228 shares in the last quarter. First Horizon Corp purchased a new stake in Targa Resources in the third quarter worth $47,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in Targa Resources in the second quarter valued at $53,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $237.30 on Friday. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $250.00. The company has a 50 day simple moving average of $205.45 and a two-hundred day simple moving average of $180.59. The company has a market capitalization of $51.01 billion, a price-to-earnings ratio of 27.63, a P/E/G ratio of 1.01 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is presently 46.57%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on TRGP shares. UBS Group reissued a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. Barclays reaffirmed an “overweight” rating and set a $226.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a research report on Tuesday, February 24th. The Goldman Sachs Group reissued a “buy” rating and issued a $242.00 price target on shares of Targa Resources in a research note on Friday, February 20th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $241.00 price objective on shares of Targa Resources in a report on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Targa Resources has a consensus rating of “Moderate Buy” and an average price target of $240.79.

Insiders Place Their Bets

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total value of $7,548,696.32. Following the sale, the insider directly owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lindsey Cooksen sold 435 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total value of $100,798.20. Following the transaction, the director owned 11,670 shares of the company’s stock, valued at $2,704,172.40. The trade was a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 104,929 shares of company stock valued at $24,692,134. Company insiders own 1.34% of the company’s stock.

About Targa Resources

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.