Targa Resources Corp. (NYSE:TRGP) Holdings Cut by Berger Financial Group Inc

Berger Financial Group Inc lowered its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 3.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 49,988 shares of the pipeline company's stock after selling 2,026 shares during the period. Berger Financial Group Inc's holdings in Targa Resources were worth $8,923,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Atala Financial Inc purchased a new stake in Targa Resources during the fourth quarter worth about $31,000. Rakuten Securities Inc. raised its position in Targa Resources by 394.6% during the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company's stock worth $33,000 after acquiring an additional 146 shares during the last quarter. Mizuho Bank Ltd. acquired a new position in Targa Resources during the fourth quarter worth about $36,000. Aspect Partners LLC raised its position in Targa Resources by 144.4% during the fourth quarter. Aspect Partners LLC now owns 220 shares of the pipeline company's stock worth $39,000 after acquiring an additional 130 shares during the last quarter. Finally, Rosenberg Matthew Hamilton raised its position in Targa Resources by 49.4% during the fourth quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company's stock worth $48,000 after acquiring an additional 89 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Down 4.1 %

Shares of TRGP traded down $7.36 during trading hours on Wednesday, hitting $170.75. The stock had a trading volume of 3,170,397 shares, compared to its average volume of 1,738,733. Targa Resources Corp. has a 12-month low of $110.09 and a 12-month high of $218.51. The firm has a market cap of $37.15 billion, a P/E ratio of 29.75, a P/E/G ratio of 0.61 and a beta of 1.75. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The company's fifty day simple moving average is $184.43 and its 200 day simple moving average is $188.27.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.90 by ($0.46). Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. The company had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.48 billion. Equities research analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a dividend, which will be paid on Thursday, May 15th. Investors of record on Thursday, May 1st will be issued a $1.00 dividend. The ex-dividend date is Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's dividend payout ratio is currently 69.69%.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of research reports. Wells Fargo & Company lifted their target price on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Barclays cut their price target on Targa Resources from $211.00 to $206.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Citigroup increased their price target on Targa Resources from $218.00 to $227.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Royal Bank of Canada increased their price target on Targa Resources from $220.00 to $221.00 and gave the stock an "outperform" rating in a research note on Monday, March 3rd. Finally, Morgan Stanley increased their price target on Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Targa Resources currently has an average rating of "Buy" and an average target price of $209.29.

Insider Activity at Targa Resources

In other news, insider Jennifer R. Kneale sold 29,887 shares of the firm's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $192.42, for a total transaction of $5,750,856.54. Following the completion of the sale, the insider now directly owns 227,269 shares in the company, valued at $43,731,100.98. This trade represents a 11.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider D. Scott Pryor sold 35,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $197.30, for a total value of $6,905,500.00. Following the sale, the insider now owns 82,139 shares of the company's stock, valued at $16,206,024.70. This represents a 29.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 115,914 shares of company stock worth $22,613,288. Corporate insiders own 1.34% of the company's stock.

Targa Resources Company 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.