Vestcor Inc Sells 10,539 Shares of Targa Resources, Inc. $TRGP

Key Points

• Vestcor reduced its position in Targa Resources by 51.4% in the third quarter, selling 10,539 shares and leaving it with 9,954 shares valued at $1.668 million, while institutional investors collectively own about 92.13% of the company.
• There has been heavy insider selling recently—D. Scott Pryor sold 17,500 shares (~$4.01M) and President Jennifer R. Kneale sold 29,509 shares (~$6.79M); insiders have sold 104,929 shares (~$24.69M) in the last 90 days and now own 1.34% of the stock.
• Wall Street remains generally positive on TRGP with a consensus rating of "Moderate Buy" and a $240.79 consensus price target after the company beat quarterly EPS estimates ($2.51 vs. $2.35).

Vestcor Inc lessened its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 51.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,954 shares of the pipeline company's stock after selling 10,539 shares during the period. Vestcor Inc's holdings in Targa Resources were worth $1,668,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Fieldview Capital Management LLC bought a new stake in Targa Resources during the third quarter valued at $1,296,000. Russell Investments Group Ltd. raised its position in shares of Targa Resources by 2.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 435,729 shares of the pipeline company's stock worth $73,034,000 after acquiring an additional 11,037 shares in the last quarter. Private Advisor Group LLC raised its position in shares of Targa Resources by 19.8% in the 3rd quarter. Private Advisor Group LLC now owns 10,626 shares of the pipeline company's stock worth $1,780,000 after acquiring an additional 1,756 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in shares of Targa Resources in the 3rd quarter valued at about $1,847,000. Finally, B. Metzler seel. Sohn & Co. AG lifted its stake in shares of Targa Resources by 9.8% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 21,053 shares of the pipeline company's stock valued at $3,527,000 after purchasing an additional 1,884 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Activity

In other news, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the transaction, the insider directly owned 31,938 shares in the company, valued at $7,311,246.96. This trade represents a 35.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jennifer R. Kneale sold 29,509 shares of the business's stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the sale, the president directly owned 235,260 shares of the company's stock, valued at approximately $54,138,031.20. The trade was a 11.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 104,929 shares of company stock valued at $24,692,134. 1.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Barclays reaffirmed an "overweight" rating and set a $226.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Morgan Stanley increased their price target on Targa Resources from $266.00 to $298.00 and gave the stock an "overweight" rating in a report on Tuesday, March 3rd. Stifel Nicolaus raised their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the stock a "buy" rating in a research report on Friday, February 20th. BMO Capital Markets reiterated an "outperform" rating and issued a $241.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Finally, The Goldman Sachs Group reiterated a "buy" rating and set a $242.00 target price on shares of Targa Resources in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $240.79.

Targa Resources Trading Up 1.7%

Shares of Targa Resources stock opened at $236.49 on Thursday. The stock has a market capitalization of $50.83 billion, a PE ratio of 27.53, a price-to-earnings-growth ratio of 0.99 and a beta of 0.84. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $250.00. The stock has a 50 day moving average price of $208.44 and a two-hundred day moving average price of $182.10. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

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

Targa Resources Announces Dividend

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

Targa Resources 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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