Silvercrest Asset Management Group LLC Reduces Position in Targa Resources Corp. (NYSE:TRGP)

Silvercrest Asset Management Group LLC reduced its position in Targa Resources Corp. (NYSE:TRGP - Free Report) by 20.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 16,039 shares of the pipeline company's stock after selling 4,006 shares during the period. Silvercrest Asset Management Group LLC's holdings in Targa Resources were worth $2,863,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Colonial Trust Co SC grew its holdings in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares in the last quarter. Atala Financial Inc purchased a new position in shares of Targa Resources during the fourth quarter worth about $31,000. Cary Street Partners Financial LLC purchased a new stake in Targa Resources in the fourth quarter worth approximately $31,000. Rakuten Securities Inc. boosted its stake in Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after buying an additional 146 shares in the last quarter. Finally, Mizuho Bank Ltd. purchased a new stake in Targa Resources in the fourth quarter worth approximately $36,000. 92.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Targa Resources news, insider D. Scott Pryor sold 35,000 shares of the stock in a transaction on Thursday, February 27th. The stock was sold at an average price of $197.30, for a total value of $6,905,500.00. Following the completion of the transaction, the insider now owns 82,139 shares in the company, valued at approximately $16,206,024.70. This represents a 29.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the stock in a transaction on 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 trade represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Citigroup dropped their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. UBS Group dropped their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. Morgan Stanley increased their price objective on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Finally, US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $198.79.

Targa Resources Trading Up 0.9%

Shares of Targa Resources stock traded up $1.36 during midday trading on Friday, reaching $160.45. 1,475,529 shares of the company's stock traded hands, compared to its average volume of 1,801,970. 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 company has a market cap of $34.81 billion, a PE ratio of 27.95, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The stock has a 50 day moving average of $174.40 and a 200-day moving average of $187.77. Targa Resources Corp. has a 12 month low of $114.36 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. As a group, equities analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

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.