Global Retirement Partners LLC Trims Stock Position in Targa Resources Corp. (NYSE:TRGP)

Global Retirement Partners LLC reduced its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 14.6% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 32,943 shares of the pipeline company’s stock after selling 5,643 shares during the quarter. Global Retirement Partners LLC’s holdings in Targa Resources were worth $869,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. Blackstone Group Inc increased its position in Targa Resources by 5.5% during the 3rd quarter. Blackstone Group Inc now owns 10,402,308 shares of the pipeline company’s stock valued at $145,944,000 after purchasing an additional 544,091 shares during the period. Neuberger Berman Group LLC grew its position in shares of Targa Resources by 40.0% in the 3rd quarter. Neuberger Berman Group LLC now owns 6,535,290 shares of the pipeline company’s stock worth $91,689,000 after buying an additional 1,866,181 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Targa Resources by 1.4% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,674,971 shares of the pipeline company’s stock worth $23,500,000 after acquiring an additional 23,520 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in Targa Resources by 13.6% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,672,637 shares of the pipeline company’s stock valued at $23,469,000 after acquiring an additional 200,282 shares during the period. Finally, Morgan Stanley boosted its stake in Targa Resources by 9.3% during the third quarter. Morgan Stanley now owns 1,600,827 shares of the pipeline company’s stock worth $22,458,000 after acquiring an additional 136,436 shares in the last quarter. 80.94% of the stock is currently owned by institutional investors and hedge funds.

Shares of TRGP opened at $30.69 on Thursday. The firm has a market cap of $7.03 billion, a PE ratio of -3.68 and a beta of 2.95. The company has a current ratio of 0.93, a quick ratio of 0.76 and a debt-to-equity ratio of 1.21. The firm has a fifty day simple moving average of $26.86 and a two-hundred day simple moving average of $20.02. Targa Resources Corp. has a 1-year low of $3.66 and a 1-year high of $41.74.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, November 5th. The pipeline company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.07. The business had revenue of $2.12 billion during the quarter, compared to analyst estimates of $1.90 billion. Targa Resources had a negative net margin of 22.86% and a positive return on equity of 3.89%. As a group, research analysts forecast that Targa Resources Corp. will post 1.31 EPS for the current fiscal year.

Several research firms have recently issued reports on TRGP. Royal Bank of Canada lifted their target price on shares of Targa Resources from $26.00 to $34.00 and gave the company an “outperform” rating in a report on Monday, December 7th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell boosted their price target on Targa Resources from $22.00 to $36.00 in a research report on Wednesday. Wells Fargo & Company raised Targa Resources from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $23.00 to $29.00 in a research report on Monday, November 30th. Smith Barney Citigroup boosted their price target on Targa Resources from $22.00 to $36.00 in a research report on Wednesday. Finally, Barclays boosted their price target on Targa Resources from $25.00 to $32.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 8th. Seven investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $27.89.

In other Targa Resources news, Director James W. Whalen sold 10,000 shares of the business’s stock in a transaction on Tuesday, December 15th. The shares were sold at an average price of $27.50, for a total transaction of $275,000.00. Following the completion of the sale, the director now directly owns 202,279 shares in the company, valued at approximately $5,562,672.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director James W. Whalen sold 5,000 shares of the business’s stock in a transaction on Thursday, January 7th. The shares were sold at an average price of $30.00, for a total transaction of $150,000.00. Following the sale, the director now owns 184,279 shares of the company’s stock, valued at $5,528,370. The disclosure for this sale can be found here. 1.54% of the stock is currently owned by insiders.

Targa Resources Company Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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