Targa Resources Corp. (NYSE:TRGP) Shares Sold by ProShare Advisors LLC

ProShare Advisors LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 66,203 shares of the pipeline company's stock after selling 1,691 shares during the period. ProShare Advisors LLC's holdings in Targa Resources were worth $11,817,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TRGP. Vanguard Group Inc. increased its stake in Targa Resources by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock valued at $4,848,169,000 after purchasing an additional 150,038 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after purchasing an additional 212,986 shares in the last quarter. Norges Bank purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after buying an additional 53,853 shares during the period. Finally, GQG Partners LLC purchased a new position in Targa Resources during the fourth quarter worth approximately $393,335,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of NYSE TRGP traded down $2.81 during trading on Tuesday, reaching $161.82. 2,133,545 shares of the stock traded hands, compared to its average volume of 1,792,129. The company has a 50-day moving average of $176.83 and a 200-day moving average of $188.32. The stock has a market capitalization of $35.10 billion, a P/E ratio of 28.19, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a 52-week low of $113.65 and a 52-week high of $218.51.

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

Targa Resources Dividend Announcement

The company also recently declared a dividend, which was paid on Thursday, May 15th. Investors of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is presently 73.66%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on TRGP. UBS Group lowered their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Wells Fargo & Company raised their target price on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Scotiabank decreased their price target on shares of Targa Resources from $199.00 to $193.00 and set a "sector outperform" rating for the company in a report on Tuesday. Finally, Barclays reduced their target price on shares of Targa Resources from $206.00 to $178.00 and set an "overweight" rating for the company in a research note on Tuesday. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $198.79.

Insider Activity at Targa Resources

In other 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 value 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jennifer R. Kneale sold 29,887 shares of the business's stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $192.42, for a total value of $5,750,856.54. Following the sale, the insider now directly owns 227,269 shares of the company's stock, valued at $43,731,100.98. This represents a 11.62% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 115,914 shares of company stock worth $22,613,288 over the last ninety days. 1.34% of the stock is owned by corporate insiders.

Targa Resources 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.