KBC Group NV decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 16.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 164,753 shares of the pipeline company’s stock after selling 31,636 shares during the quarter. KBC Group NV owned approximately 0.08% of Targa Resources worth $7,792,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. CNH Partners LLC increased its holdings in shares of Targa Resources by 0.5% in the 2nd quarter. CNH Partners LLC now owns 21,713 shares of the pipeline company’s stock valued at $981,000 after acquiring an additional 100 shares during the last quarter. Nordea Investment Management AB increased its holdings in shares of Targa Resources by 2.9% in the 2nd quarter. Nordea Investment Management AB now owns 5,493 shares of the pipeline company’s stock valued at $248,000 after acquiring an additional 155 shares during the last quarter. Usca Ria LLC increased its holdings in shares of Targa Resources by 3.7% in the 2nd quarter. Usca Ria LLC now owns 4,997 shares of the pipeline company’s stock valued at $226,000 after acquiring an additional 178 shares during the last quarter. Profund Advisors LLC increased its holdings in shares of Targa Resources by 3.6% in the 2nd quarter. Profund Advisors LLC now owns 9,140 shares of the pipeline company’s stock valued at $413,000 after acquiring an additional 317 shares during the last quarter. Finally, Frontier Wealth Management LLC increased its holdings in shares of Targa Resources by 6.2% in the 2nd quarter. Frontier Wealth Management LLC now owns 5,874 shares of the pipeline company’s stock valued at $266,000 after acquiring an additional 344 shares during the last quarter. Institutional investors own 87.44% of the company’s stock.
In related news, VP John Richard Klein sold 2,292 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $41.85, for a total transaction of $95,920.20. The transaction was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.93% of the company’s stock.
Targa Resources, Inc. (TRGP) traded up $0.60 during trading hours on Tuesday, reaching $44.80. The company had a trading volume of 2,383,000 shares, compared to its average volume of 1,891,048. The company has a current ratio of 0.74, a quick ratio of 0.57 and a debt-to-equity ratio of 0.67. Targa Resources, Inc. has a 12-month low of $39.59 and a 12-month high of $61.83.
The company also recently declared a quarterly dividend, which was paid on Wednesday, November 15th. Investors of record on Wednesday, November 1st were paid a dividend of $0.91 per share. The ex-dividend date was Tuesday, October 31st. This represents a $3.64 dividend on an annualized basis and a yield of 8.13%. Targa Resources’s dividend payout ratio is presently -136.84%.
TRGP has been the topic of a number of recent analyst reports. BMO Capital Markets set a $51.00 price objective on Targa Resources and gave the company a “hold” rating in a report on Tuesday, August 15th. Citigroup downgraded Targa Resources from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $54.00 to $52.00 in a report on Tuesday, October 10th. Guggenheim upgraded Targa Resources from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Monday, August 14th. TheStreet downgraded Targa Resources from a “c-” rating to a “d+” rating in a report on Monday, November 13th. Finally, Wells Fargo & Company dropped their price objective on Targa Resources from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Friday, October 13th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $54.33.
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About Targa Resources
Targa Resources Corp. is a midstream energy company in North America. It provides midstream services. Its segments include Gathering and Processing, and Logistics and Marketing (Downstream Business). It is engaged in the business of gathering, compressing, treating, processing and selling natural gas; storing, fractionating, treating, transporting and selling natural gas liquids (NGLs) and NGL products, including services to liquefied petroleum gas exporters; gathering, storing and terminalling crude oil, and storing, terminalling and selling refined petroleum products.
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