Rhumbline Advisers Sells 7,081 Shares of Targa Resources, Inc. $TRGP

Rhumbline Advisers reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 476,339 shares of the pipeline company’s stock after selling 7,081 shares during the period. Rhumbline Advisers’ holdings in Targa Resources were worth $79,806,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Targa Resources during the second quarter worth $708,366,000. Mitsubishi UFJ Trust & Banking Corp boosted its stake in Targa Resources by 441.3% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 675,352 shares of the pipeline company’s stock worth $117,565,000 after purchasing an additional 550,591 shares during the period. Franklin Resources Inc. increased its holdings in Targa Resources by 306.6% during the 2nd quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company’s stock worth $104,686,000 after purchasing an additional 453,460 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Targa Resources by 1.4% in the 2nd quarter. Vanguard Group Inc. now owns 27,960,214 shares of the pipeline company’s stock valued at $4,867,314,000 after purchasing an additional 375,939 shares during the period. Finally, Ensign Peak Advisors Inc raised its stake in shares of Targa Resources by 290.5% in the 2nd quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company’s stock valued at $87,696,000 after purchasing an additional 374,768 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares in the company, valued at $5,356,748.81. This trade represents a 8.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wells Fargo & Company upped their price objective on Targa Resources from $205.00 to $207.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. Royal Bank Of Canada raised their price target on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Scotiabank reissued an “outperform” rating and issued a $224.00 price objective on shares of Targa Resources in a research report on Friday, January 16th. Finally, UBS Group restated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $213.50.

Targa Resources Stock Down 1.6%

NYSE:TRGP opened at $218.42 on Friday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $224.98. The firm 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 quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The stock’s 50 day moving average price is $189.29 and its two-hundred day moving average price is $173.02.

Targa Resources Announces Dividend

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