Entropy Technologies LP Grows Holdings in Targa Resources, Inc. $TRGP

Entropy Technologies LP lifted its stake in Targa Resources, Inc. (NYSE:TRGP) by 56.3% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 28,572 shares of the pipeline company’s stock after acquiring an additional 10,290 shares during the quarter. Entropy Technologies LP’s holdings in Targa Resources were worth $4,787,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Stratos Wealth Partners LTD. increased its holdings in Targa Resources by 1.3% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,046 shares of the pipeline company’s stock valued at $845,000 after purchasing an additional 64 shares during the last quarter. State of Wyoming lifted its stake in Targa Resources by 3.2% during the second quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock worth $361,000 after purchasing an additional 64 shares in the last quarter. Savant Capital LLC boosted its position in shares of Targa Resources by 2.6% during the third quarter. Savant Capital LLC now owns 2,849 shares of the pipeline company’s stock worth $477,000 after buying an additional 73 shares during the period. ICONIQ Capital LLC boosted its position in shares of Targa Resources by 5.7% during the second quarter. ICONIQ Capital LLC now owns 1,437 shares of the pipeline company’s stock worth $250,000 after buying an additional 78 shares during the period. Finally, SL Advisors LLC grew its stake in shares of Targa Resources by 0.4% in the third quarter. SL Advisors LLC now owns 18,452 shares of the pipeline company’s stock valued at $3,091,000 after buying an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP opened at $238.43 on Friday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $250.00. The stock has a market capitalization of $51.25 billion, a PE ratio of 27.76, a PEG ratio of 1.55 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. The stock has a 50-day simple moving average of $209.52 and a 200-day simple moving average of $182.50.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share for the quarter, beating the consensus estimate of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. On average, analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, January 30th. Targa Resources’s payout ratio is 46.57%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TRGP. Citigroup increased their target price on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a research note on Tuesday, February 24th. Barclays reaffirmed an “overweight” rating and issued a $226.00 target price on shares of Targa Resources in a research report on Friday, February 20th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a research note on Tuesday, February 24th. Stifel Nicolaus raised their price objective on shares of Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research note on Friday, February 20th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a $242.00 price objective on shares of Targa Resources in a report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $240.79.

Insider Activity

In other Targa Resources news, President Jennifer R. Kneale sold 29,509 shares of Targa Resources stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the sale, the president directly owned 235,260 shares of the company’s stock, valued at $54,138,031.20. The trade was a 11.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Charles R. Crisp sold 1,359 shares of the company’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total value of $311,618.70. Following the transaction, the director directly owned 77,094 shares of the company’s stock, valued at approximately $17,677,654.20. This represents a 1.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 104,929 shares of company stock valued at $24,692,134. Insiders own 1.34% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.