Targa Resources, Inc. $TRGP Shares Sold by AlphaQuest LLC

AlphaQuest LLC cut its holdings in Targa Resources, Inc. (NYSE:TRGP) by 74.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 935 shares of the pipeline company’s stock after selling 2,746 shares during the quarter. AlphaQuest LLC’s holdings in Targa Resources were worth $157,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank acquired a new position in shares of Targa Resources during the 2nd quarter worth about $708,366,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in Targa Resources by 441.3% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after buying an additional 550,591 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Targa Resources by 306.6% during the second quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock valued at $104,686,000 after acquiring an additional 453,460 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Targa Resources by 1.4% in the second quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after acquiring an additional 375,939 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its position in shares of Targa Resources by 290.5% in the second quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after acquiring an additional 374,768 shares in the last quarter. 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 Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total transaction of $498,327.50. Following the transaction, the insider owned 29,561 shares in the company, valued at $5,356,748.81. This trade represents a 8.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.34% of the company’s stock.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $218.42 on Friday. The stock has a market capitalization of $46.89 billion, a price-to-earnings ratio of 29.04, a price-to-earnings-growth ratio of 0.95 and a beta of 0.88. The company has a debt-to-equity ratio of 5.91, a current ratio of 0.77 and a quick ratio of 0.61. The business has a 50-day moving average of $189.29 and a 200 day moving average of $173.02. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $224.98.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be given a dividend of $1.00 per share. The ex-dividend date is Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources’s payout ratio is 53.19%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. UBS Group reissued a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Scotiabank reissued an “outperform” rating and issued a $224.00 target price on shares of Targa Resources in a research note on Friday, January 16th. Stifel Nicolaus set a $213.00 target price on Targa Resources in a report on Thursday, November 6th. Finally, Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $213.50.

Targa Resources Company 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.