Targa Resources, Inc. $TRGP Stock Holdings Lowered by Mizuho Markets Cayman LP

Key Points

• Mizuho Markets Cayman LP cut its stake in Targa Resources by 84.6% in Q3, selling 14,057 shares and leaving it with 2,566 shares valued at about $430,000.
• Large institutions remain heavily invested — Vanguard, Wellington, UBS and others increased holdings (institutional ownership is about 92.13%) and analysts hold a consensus “Moderate Buy” target of roughly $241.93.
• Company insiders have been net sellers recently, offloading 104,929 shares worth about $24.69 million in the last 90 days, leaving insiders owning about 1.34% of the stock.

Mizuho Markets Cayman LP cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 84.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,566 shares of the pipeline company's stock after selling 14,057 shares during the period. Mizuho Markets Cayman LP's holdings in Targa Resources were worth $430,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Targa Resources by 1.5% in the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock valued at $4,755,169,000 after buying an additional 422,075 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares in the last quarter. Norges Bank bought a new stake in shares of Targa Resources during the 2nd quarter worth $708,366,000. UBS Group AG grew its holdings in shares of Targa Resources by 9.9% in the 3rd quarter. UBS Group AG now owns 2,360,311 shares of the pipeline company's stock worth $395,447,000 after acquiring an additional 212,887 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its holdings in shares of Targa Resources by 12.0% in the 2nd quarter. Canada Pension Plan Investment Board now owns 1,886,844 shares of the pipeline company's stock worth $328,462,000 after acquiring an additional 201,927 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, Director Lindsey Cooksen sold 435 shares of the firm's stock in a transaction that occurred on 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 sale, the director directly owned 11,670 shares in the company, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Patrick J. Mcdonie sold 31,537 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider directly owned 305,163 shares in the company, valued at $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,929 shares of company stock valued at $24,692,134 over the last ninety days. Insiders own 1.34% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $239.26 on Tuesday. The company has a market capitalization of $51.43 billion, a price-to-earnings ratio of 27.85, a P/E/G ratio of 1.57 and a beta of 0.84. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $250.00. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The stock's fifty day simple moving average is $211.70 and its 200-day simple moving average is $183.82.

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

Targa Resources Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently commented on TRGP shares. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a report on Tuesday, February 24th. Citigroup lifted their price target on Targa Resources from $200.00 to $262.00 and gave the stock a "buy" rating in a research note on Tuesday, February 24th. Stifel Nicolaus boosted their price objective on Targa Resources from $213.00 to $243.00 and gave the stock a "buy" rating in a report on Friday, February 20th. Barclays reaffirmed an "overweight" rating and set a $226.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Finally, UBS Group reiterated a "buy" rating on shares of Targa Resources in a report on Friday, January 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Targa Resources has an average rating of "Moderate Buy" and a consensus target price of $241.93.

Targa Resources Company Profile

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.

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