40,882 Targa Resources, Inc. $TRGP Shares Sold by Candriam S.C.A.

Key Points

• Candriam S.C.A. cut its Targa Resources stake by 56.5% in the third quarter, selling 40,882 shares and retaining 31,525 shares valued at about $8.55 million.
• Targa reported quarterly EPS of $3.04, beating the $2.74 consensus, while revenue of $5.60 billion also exceeded expectations of $4.77 billion.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5.00 annualized and a 1.8% yield. Analysts’ consensus rating was “Buy,” with an average price target of $325.89.

Candriam S.C.A. decreased its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 56.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,525 shares of the pipeline company's stock after selling 40,882 shares during the quarter. Candriam S.C.A.'s holdings in Targa Resources were worth $8,553,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. First Eagle Investment Management LLC raised its position in shares of Targa Resources by 381.0% during the 2nd quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Jones Financial Companies Lllp purchased a new position in Targa Resources in the 2nd quarter valued at about $32,000. Compass Financial Management LLC purchased a new position in Targa Resources in the 2nd quarter valued at about $33,000. CoreCap Advisors LLC boosted its holdings in Targa Resources by 245.9% in the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after buying an additional 91 shares during the last quarter. Finally, Virtus Advisers LLC acquired a new stake in Targa Resources in the 2nd quarter worth about $35,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Trading Up 3.3%

Shares of NYSE:TRGP opened at $273.19 on Tuesday. Targa Resources, Inc. has a 52 week low of $166.18 and a 52 week high of $316.60. The company's 50 day moving average is $289.01 and its two-hundred day moving average is $261.76. The company has a market cap of $58.58 billion, a PE ratio of 24.18, a P/E/G ratio of 1.17 and a beta of 0.76. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, November 5th. The pipeline company reported $3.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.30. The business had revenue of $5.60 billion during the quarter, compared to analysts' expectations of $4.77 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities analysts predict that Targa Resources, Inc. will post 11.51 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be paid a $1.25 dividend. The ex-dividend date is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources's dividend payout ratio (DPR) is currently 44.25%.

Insiders Place Their Bets

In other news, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This represents a 61.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Charles R. Crisp sold 3,000 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the sale, the director directly owned 62,292 shares in the company, valued at $18,079,007.16. This trade represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 7,216 shares of company stock valued at $2,127,634 in the last ninety days. Insiders own 1.37% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on TRGP shares. The Goldman Sachs Group reiterated a "buy" rating and set a $322.00 price objective on shares of Targa Resources in a research note on Tuesday, October 13th. Jefferies Financial Group reduced their price target on shares of Targa Resources from $326.00 to $311.00 and set a "buy" rating on the stock in a research report on Friday. Morgan Stanley upped their target price on shares of Targa Resources from $343.00 to $359.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 16th. Citigroup increased their target price on shares of Targa Resources from $325.00 to $338.00 and gave the stock a "buy" rating in a report on Friday. Finally, Wells Fargo & Company raised their price target on shares of Targa Resources from $324.00 to $330.00 and gave the company an "overweight" rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating and twenty have given a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $325.89.

Targa Resources Company Profile

Targa Resources Corp. is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids (NGLs), and provides services for crude oil. Its infrastructure connects oil and gas producers with pipelines, processing facilities, fractionators, storage sites and domestic and international markets.

The company's services include natural gas gathering, compression and processing; NGL transportation and fractionation; and crude oil gathering and terminaling.

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