Aviva PLC Sells 55,011 Shares of Targa Resources Corp. (NYSE:TRGP)

Aviva PLC cut its position in Targa Resources Corp. (NYSE:TRGP) by 16.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 278,524 shares of the pipeline company’s stock after selling 55,011 shares during the quarter. Aviva PLC owned about 0.13% of Targa Resources worth $49,717,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Atala Financial Inc purchased a new position in Targa Resources in the 4th quarter valued at approximately $31,000. Rakuten Securities Inc. grew its position in shares of Targa Resources by 394.6% in the fourth quarter. Rakuten Securities Inc. now owns 183 shares of the pipeline company’s stock valued at $33,000 after purchasing an additional 146 shares in the last quarter. Mizuho Bank Ltd. bought a new stake in shares of Targa Resources during the 4th quarter valued at $36,000. Aspect Partners LLC raised its stake in shares of Targa Resources by 144.4% during the 4th quarter. Aspect Partners LLC now owns 220 shares of the pipeline company’s stock valued at $39,000 after purchasing an additional 130 shares during the period. Finally, Rosenberg Matthew Hamilton lifted its holdings in Targa Resources by 49.4% during the 4th quarter. Rosenberg Matthew Hamilton now owns 269 shares of the pipeline company’s stock worth $48,000 after purchasing an additional 89 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $160.64 on Friday. Targa Resources Corp. has a 1-year low of $110.09 and a 1-year high of $218.51. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The business has a 50 day moving average of $197.03 and a 200 day moving average of $186.50. The company has a market capitalization of $34.95 billion, a price-to-earnings ratio of 27.99, a PEG ratio of 0.61 and a beta of 1.75.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, February 20th. The pipeline company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.90 by ($0.46). The business had revenue of $4.41 billion during the quarter, compared to analysts’ expectations of $4.48 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, sell-side analysts predict that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a $0.75 dividend. The ex-dividend date was Friday, January 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.87%. Targa Resources’s dividend payout ratio is currently 52.26%.

Wall Street Analyst Weigh In

TRGP has been the topic of several analyst reports. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Citigroup upped their target price on shares of Targa Resources from $218.00 to $227.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Mizuho raised their price target on shares of Targa Resources from $208.00 to $226.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. Royal Bank of Canada upped their price target on shares of Targa Resources from $220.00 to $221.00 and gave the stock an “outperform” rating in a report on Monday, March 3rd. Finally, Morgan Stanley lifted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research note on Monday, March 17th. One analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of “Buy” and a consensus price target of $211.00.

Insider Activity

In other Targa Resources news, Director Waters S. Iv Davis sold 2,190 shares of Targa Resources stock in a transaction that occurred 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 transaction, the director now directly owns 2,899 shares of the company’s stock, valued at $568,957.74. The trade was a 43.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Meloy sold 48,837 shares of the stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $195.08, for a total value of $9,527,121.96. Following the sale, the chief executive officer now directly owns 725,628 shares of the company’s stock, valued at approximately $141,555,510.24. This trade represents a 6.31 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 115,914 shares of company stock valued at $22,613,288. Insiders own 1.39% of the company’s stock.

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.