Point72 Hong Kong Ltd Sells 93,741 Shares of Targa Resources Corp. (NYSE:TRGP)

Point72 Hong Kong Ltd lessened its stake in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 63.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 53,431 shares of the pipeline company's stock after selling 93,741 shares during the quarter. Point72 Hong Kong Ltd's holdings in Targa Resources were worth $9,538,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Quantinno Capital Management LP raised its holdings in shares of Targa Resources by 45.4% during the fourth quarter. Quantinno Capital Management LP now owns 48,771 shares of the pipeline company's stock valued at $8,706,000 after acquiring an additional 15,222 shares in the last quarter. Mufg Securities Americas Inc. bought a new position in Targa Resources in the fourth quarter worth $575,000. Man Group plc raised its holdings in Targa Resources by 26.9% in the fourth quarter. Man Group plc now owns 343,019 shares of the pipeline company's stock worth $61,229,000 after purchasing an additional 72,711 shares in the last quarter. Nomura Holdings Inc. bought a new position in Targa Resources in the fourth quarter worth $1,764,000. Finally, Nuveen Asset Management LLC raised its holdings in Targa Resources by 22.0% in the fourth quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock worth $349,024,000 after purchasing an additional 353,165 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Transactions at Targa Resources

In related news, Director Waters S. Iv Davis sold 2,190 shares of the business's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $196.26, for a total transaction of $429,809.40. Following the completion of the transaction, the director now owns 2,899 shares in the company, valued at $568,957.74. The trade was a 43.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jennifer R. Kneale sold 29,887 shares of the company's 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 sale, the insider now owns 227,269 shares of the company's stock, valued at $43,731,100.98. This represents a 11.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,914 shares of company stock worth $22,613,288. 1.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on TRGP shares. Wells Fargo & Company increased their price objective on Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. The Goldman Sachs Group cut their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Barclays cut their target price on Targa Resources from $211.00 to $206.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, Scotiabank dropped their price objective on Targa Resources from $201.00 to $199.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, April 29th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and a consensus target price of $201.64.

Targa Resources Price Performance

NYSE:TRGP traded down $0.99 during trading hours on Friday, reaching $165.46. The stock had a trading volume of 2,084,603 shares, compared to its average volume of 1,789,409. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. Targa Resources Corp. has a 52 week low of $113.65 and a 52 week high of $218.51. The company has a 50 day moving average price of $177.28 and a two-hundred day moving average price of $188.18. The stock has a market capitalization of $35.89 billion, a PE ratio of 28.83, a PEG ratio of 0.61 and a beta of 1.22.

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 company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, sell-side analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

About Targa Resources

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.