Entropy Technologies LP Sells 8,775 Shares of Targa Resources Corp. (NYSE:TRGP)

Entropy Technologies LP lessened its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 22.8% in the fourth quarter, Holdings Channel.com reports. The fund owned 29,650 shares of the pipeline company’s stock after selling 8,775 shares during the period. Targa Resources comprises approximately 0.5% of Entropy Technologies LP’s portfolio, making the stock its 29th largest holding. Entropy Technologies LP’s holdings in Targa Resources were worth $5,293,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DT Investment Partners LLC bought a new position in shares of Targa Resources during the third quarter valued at approximately $29,000. Prospera Private Wealth LLC purchased a new stake in Targa Resources in the third quarter worth $35,000. Rosenberg Matthew Hamilton grew its stake in Targa Resources by 49.4% in the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares during the period. UMB Bank n.a. grew its stake in Targa Resources by 39.6% in the fourth quarter. UMB Bank n.a. now owns 374 shares of the pipeline company’s stock worth $67,000 after purchasing an additional 106 shares during the period. Finally, Huntington National Bank grew its stake in Targa Resources by 22.9% in the third quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock worth $71,000 after purchasing an additional 89 shares during the period. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on TRGP. Royal Bank of Canada upped their price target on Targa Resources from $172.00 to $199.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Stifel Nicolaus increased their price objective on Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Wells Fargo & Company increased their target price on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Scotiabank initiated coverage on Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Finally, US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a research note on Tuesday, November 26th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $189.21.

Targa Resources Stock Performance

NYSE TRGP opened at $201.30 on Friday. The stock has a market capitalization of $43.90 billion, a PE ratio of 36.40, a P/E/G ratio of 0.59 and a beta of 2.29. The business has a 50 day simple moving average of $193.07 and a two-hundred day simple moving average of $170.90. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 1-year low of $86.56 and a 1-year high of $218.51.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 1.49%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

About Targa Resources

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.