Targa Resources, Inc. $TRGP Shares Sold by Generali Asset Management SPA SGR

Key Points

• Generali Asset Management cut its Targa Resources stake by 44.2% in the third quarter, selling 11,178 shares and retaining 14,104 shares valued at approximately $3.8 million. Institutional investors collectively own 92.13% of the company.
• Wall Street remains bullish on Targa Resources, with a consensus “Buy” rating and an average price target of $325.47. Recent analyst targets range from $319 to $340.
• Targa reported quarterly earnings of $3.54 per share, exceeding estimates of $2.83, and declared a $1.25 quarterly dividend, equivalent to a $5.00 annual payout and a 1.6% yield.

Generali Asset Management SPA SGR reduced its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 44.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,104 shares of the pipeline company's stock after selling 11,178 shares during the quarter. Generali Asset Management SPA SGR's holdings in Targa Resources were worth $3,812,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. lifted its stake in Targa Resources by 1.4% in the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock valued at $5,586,077,000 after buying an additional 291,114 shares during the period. State Street Corp lifted its stake in shares of Targa Resources by 4.6% in the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company's stock valued at $3,814,604,000 after buying an additional 626,885 shares in the last quarter. Deutsche Bank AG lifted its position in Targa Resources by 21.7% in the 2nd quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock valued at $811,190,000 after acquiring an additional 539,582 shares in the last quarter. Bank of America Corp DE boosted its position in shares of Targa Resources by 28.0% during the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company's stock valued at $790,299,000 after buying an additional 688,598 shares during the last quarter. Finally, Amundi boosted its holdings in Targa Resources by 10.8% during the 2nd quarter. Amundi now owns 2,222,046 shares of the pipeline company's stock worth $595,817,000 after acquiring an additional 215,915 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Paul Chung sold 1,816 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the sale, the director owned 44,000 shares in the company, valued at approximately $13,028,840. This trade represents a 3.96% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director S Davis sold 2,400 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the completion of the sale, the director directly owned 1,529 shares of the company's stock, valued at $458,195.43. The trade was a 61.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 7,216 shares of company stock valued at $2,127,634 in the last 90 days. Insiders own 1.37% of the company's stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on Targa Resources from $282.00 to $324.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 2nd. Weiss Ratings upgraded shares of Targa Resources from a "buy (b)" rating to a "buy (b+)" rating in a research note on Wednesday, October 14th. Raymond James Financial restated a "strong-buy" rating and set a $340.00 price target on shares of Targa Resources in a research note on Tuesday, October 20th. Jefferies Financial Group restated a "buy" rating and issued a $326.00 target price on shares of Targa Resources in a research note on Thursday, October 15th. Finally, Scotiabank reissued an "outperform" rating and issued a $319.00 price target on shares of Targa Resources in a report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $325.47.

Targa Resources Price Performance

TRGP stock opened at $305.69 on Thursday. The firm's fifty day moving average is $289.77 and its 200 day moving average is $257.48. Targa Resources, Inc. has a 52 week low of $150.00 and a 52 week high of $308.46. The firm has a market cap of $65.55 billion, a P/E ratio of 29.22, a P/E/G ratio of 1.25 and a beta of 0.80. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. The company had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Research analysts predict that Targa Resources, Inc. will post 11.42 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 17th. Shareholders of record on Friday, October 30th will be given a $1.25 dividend. The ex-dividend date is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources's payout ratio is presently 47.80%.

About Targa Resources

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company's services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.

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