Quantbot Technologies LP Sells 37,711 Shares of Targa Resources, Inc. $TRGP

Key Points

• Quantbot Technologies LP cut its stake in Targa Resources by 88.9%, selling 37,711 shares and leaving it with 4,723 shares valued at about $791,000 as of the latest SEC filing.
• Several analysts have raised price targets recently (e.g., RBC to $260, Morgan Stanley to $298), and the stock carries a consensus rating of "Moderate Buy" with an average price target of $240.79.
• Insiders and institutions have been active: insiders sold roughly 104,929 shares worth $24.7 million in the last three months, while institutional ownership stands at about 92.13%.

Quantbot Technologies LP cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 88.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,723 shares of the pipeline company's stock after selling 37,711 shares during the quarter. Quantbot Technologies LP's holdings in Targa Resources were worth $791,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Woodline Partners LP raised its stake in Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock valued at $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth lifted its holdings in Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock worth $788,000 after purchasing an additional 2,404 shares in the last quarter. Assetmark Inc. boosted its stake in Targa Resources by 381.6% in the 2nd quarter. Assetmark Inc. now owns 1,469 shares of the pipeline company's stock worth $256,000 after purchasing an additional 1,164 shares during the period. Huntington National Bank grew its holdings in Targa Resources by 24.2% during the 2nd quarter. Huntington National Bank now owns 745 shares of the pipeline company's stock valued at $130,000 after buying an additional 145 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in Targa Resources by 56.0% during the 2nd quarter. First Horizon Advisors Inc. now owns 2,038 shares of the pipeline company's stock valued at $355,000 after buying an additional 732 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. TD Cowen lifted their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the company a "hold" rating in a research report on Monday, February 23rd. Royal Bank Of Canada raised their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, February 27th. BMO Capital Markets reiterated an "outperform" rating and issued a $241.00 price target on shares of Targa Resources in a report on Friday, February 20th. Morgan Stanley boosted their price target on shares of Targa Resources from $266.00 to $298.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 3rd. Finally, Wells Fargo & Company increased their price objective on shares of Targa Resources from $207.00 to $248.00 and gave the company an "overweight" rating in a report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $240.79.

Targa Resources Stock Down 0.7%

NYSE TRGP opened at $237.30 on Friday. The stock has a 50 day moving average price of $205.45 and a 200-day moving average price of $180.59. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $250.00. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The company has a market capitalization of $51.01 billion, a P/E ratio of 27.63, a P/E/G ratio of 1.01 and a beta of 0.84.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, topping the consensus estimate of $2.35 by $0.16. The company had revenue of $4.06 billion for the quarter, compared to analysts' expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, equities analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources's payout ratio is 46.57%.

Insider Activity

In other news, Director Charles R. Crisp sold 1,359 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $229.30, for a total transaction of $311,618.70. Following the sale, the director directly owned 77,094 shares in the company, valued at approximately $17,677,654.20. This represents a 1.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lindsey Cooksen sold 435 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $231.72, for a total transaction of $100,798.20. Following the completion of the transaction, the director directly owned 11,670 shares of the company's stock, valued at approximately $2,704,172.40. The trade was a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 104,929 shares of company stock worth $24,692,134. 1.34% of the stock is owned by insiders.

About Targa Resources

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.