CoreCap Advisors LLC Decreases Holdings in Targa Resources Corp. (NYSE:TRGP)

CoreCap Advisors LLC trimmed its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 69.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,446 shares of the pipeline company's stock after selling 5,544 shares during the period. CoreCap Advisors LLC's holdings in Targa Resources were worth $437,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC increased its stake in Targa Resources by 3.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company's stock worth $396,000 after purchasing an additional 67 shares in the last quarter. Mather Group LLC. increased its stake in Targa Resources by 2.3% during the 4th quarter. Mather Group LLC. now owns 3,026 shares of the pipeline company's stock worth $540,000 after purchasing an additional 68 shares in the last quarter. Keybank National Association OH increased its stake in Targa Resources by 0.4% during the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company's stock worth $3,470,000 after purchasing an additional 70 shares in the last quarter. Baker Avenue Asset Management LP increased its stake in Targa Resources by 0.8% during the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after purchasing an additional 74 shares in the last quarter. Finally, Huntington National Bank grew its stake in shares of Targa Resources by 16.5% during the 4th quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock worth $99,000 after acquiring an additional 79 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other news, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $195.08, for a total transaction of $9,527,121.96. Following the completion of the transaction, the chief executive officer now owns 725,628 shares in the company, valued at approximately $141,555,510.24. This represents a 6.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total value of $5,750,856.54. Following the completion of the transaction, the insider now owns 227,269 shares of the company's stock, valued at approximately $43,731,100.98. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock valued at $22,613,288 over the last ninety days. 1.34% of the stock is owned by company insiders.

Targa Resources Trading Down 0.4%

Shares of NYSE:TRGP traded down $0.73 during midday trading on Wednesday, hitting $168.77. 1,810,038 shares of the stock were exchanged, compared to its average volume of 1,781,874. The stock has a market capitalization of $36.61 billion, a price-to-earnings ratio of 29.40, a P/E/G ratio of 0.61 and a beta of 1.22. 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 business's 50-day moving average price is $178.09 and its 200 day moving average price is $188.14. Targa Resources Corp. has a 12 month low of $113.65 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which will be paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st will be paid a $1.00 dividend. This represents a yield of 2.34%. The ex-dividend date of this dividend is Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Mizuho decreased their price target on shares of Targa Resources from $226.00 to $218.00 and set an "outperform" rating for the company in a research note on Monday, April 28th. Barclays decreased their target price on shares of Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Scotiabank decreased their target price on shares of Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating for the company in a research note on Tuesday, April 29th. Citigroup decreased their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Finally, US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $202.93.

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.