Targa Resources Corp. (NYSE:TRGP) Shares Sold by Navellier & Associates Inc.

Navellier & Associates Inc. lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 5.5% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 59,704 shares of the pipeline company’s stock after selling 3,465 shares during the period. Targa Resources comprises approximately 1.2% of Navellier & Associates Inc.’s portfolio, making the stock its 16th largest position. Navellier & Associates Inc.’s holdings in Targa Resources were worth $8,837,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in TRGP. Caxton Associates LP acquired a new position in shares of Targa Resources in the second quarter worth $2,323,000. Cetera Investment Advisers grew its stake in shares of Targa Resources by 215.2% in the first quarter. Cetera Investment Advisers now owns 31,052 shares of the pipeline company’s stock worth $3,478,000 after acquiring an additional 21,200 shares in the last quarter. California State Teachers Retirement System grew its stake in shares of Targa Resources by 6.5% in the first quarter. California State Teachers Retirement System now owns 444,530 shares of the pipeline company’s stock worth $49,783,000 after acquiring an additional 27,164 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Targa Resources in the first quarter worth $1,151,000. Finally, Braun Stacey Associates Inc. acquired a new position in shares of Targa Resources in the third quarter worth $11,042,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insiders Place Their Bets

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of the company’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $190.74, for a total transaction of $621,812.40. Following the transaction, the chief accounting officer now directly owns 35,143 shares in the company, valued at approximately $6,703,175.82. This represents a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Robert Muraro sold 2,500 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $146.20, for a total transaction of $365,500.00. Following the transaction, the insider now owns 174,451 shares in the company, valued at $25,504,736.20. The trade was a 1.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 185,760 shares of company stock worth $30,026,712. 1.39% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TRGP has been the subject of several recent analyst reports. Argus raised shares of Targa Resources to a “strong-buy” rating in a research report on Tuesday, September 3rd. Bank of America initiated coverage on shares of Targa Resources in a research report on Thursday, October 17th. They set a “buy” rating and a $182.00 price objective for the company. Royal Bank of Canada lifted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Morgan Stanley lifted their price objective on shares of Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, Barclays lifted their price objective on shares of Targa Resources from $155.00 to $171.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 15th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $176.50.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $205.22 on Thursday. The company has a 50-day simple moving average of $166.96 and a 200-day simple moving average of $142.82. Targa Resources Corp. has a one year low of $81.03 and a one year high of $205.22. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market capitalization of $44.75 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 0.81 and a beta of 2.24.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The business had revenue of $3.85 billion for the quarter, compared to analyst estimates of $4.24 billion. During the same period in the previous year, the business posted $0.97 earnings per share. On average, analysts predict that Targa Resources Corp. will post 6.23 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.75 per share. The ex-dividend date was Thursday, October 31st. This represents a $3.00 annualized dividend and a yield of 1.46%. Targa Resources’s payout ratio is currently 54.25%.

Targa Resources Company 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.