Ibex Wealth Advisors Trims Stock Holdings in Targa Resources Corp. (NYSE:TRGP)

Ibex Wealth Advisors cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 87.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,008 shares of the pipeline company’s stock after selling 20,957 shares during the quarter. Ibex Wealth Advisors’ holdings in Targa Resources were worth $537,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Thrivent Financial for Lutherans lifted its position in shares of Targa Resources by 2.7% during the second quarter. Thrivent Financial for Lutherans now owns 9,337 shares of the pipeline company’s stock worth $1,202,000 after purchasing an additional 245 shares during the last quarter. Algert Global LLC raised its stake in Targa Resources by 123.0% during the second quarter. Algert Global LLC now owns 4,147 shares of the pipeline company’s stock valued at $534,000 after buying an additional 2,287 shares in the last quarter. Creative Planning lifted its holdings in Targa Resources by 15.5% during the 2nd quarter. Creative Planning now owns 37,237 shares of the pipeline company’s stock worth $4,795,000 after buying an additional 4,993 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Targa Resources by 100.1% in the 2nd quarter. NewEdge Advisors LLC now owns 12,444 shares of the pipeline company’s stock worth $1,603,000 after acquiring an additional 6,225 shares in the last quarter. Finally, Sunbelt Securities Inc. increased its holdings in shares of Targa Resources by 166.1% in the 2nd quarter. Sunbelt Securities Inc. now owns 1,650 shares of the pipeline company’s stock valued at $212,000 after acquiring an additional 1,030 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other news, CAO Julie H. Boushka sold 3,260 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.74, for a total transaction of $621,812.40. Following the sale, the chief accounting officer now directly owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.33, for a total value of $5,709,900.00. Following the completion of the transaction, the insider now owns 82,979 shares of the company’s stock, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $203.33 on Thursday. The firm’s 50-day simple moving average is $193.44 and its 200 day simple moving average is $167.69. The stock has a market cap of $44.34 billion, a P/E ratio of 36.77, a P/E/G ratio of 0.63 and a beta of 2.30. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a fifty-two week low of $84.33 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings results on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. Targa Resources had a net margin of 7.65% and a return on equity of 27.59%. The company had revenue of $3.85 billion during the quarter, compared to analyst estimates of $4.24 billion. During the same period in the prior year, the business posted $0.97 EPS. Equities analysts expect that Targa Resources Corp. will post 6.42 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Friday, January 31st. Targa Resources’s dividend payout ratio is presently 54.25%.

Analyst Ratings Changes

TRGP has been the subject of a number of research reports. Bank of America assumed coverage on shares of Targa Resources in a report on Thursday, October 17th. They issued a “buy” rating and a $182.00 price objective for the company. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Scotiabank initiated coverage on shares of Targa Resources in a report on Friday, January 10th. They issued a “sector outperform” rating and a $218.00 target price on the stock. Wells Fargo & Company upped their target price on Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Finally, Morgan Stanley increased their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus price target of $189.21.

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.