Targa Resources, Inc. $TRGP Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 9.7% during the third quarter, HoldingsChannel reports. The firm owned 554,800 shares of the pipeline company’s stock after selling 59,500 shares during the period. Targa Resources accounts for 6.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 2nd largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Targa Resources were worth $149,968,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hardy Reed LLC boosted its position in shares of Targa Resources by 1.0% in the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after buying an additional 41 shares during the period. Versant Capital Management Inc grew its stake in shares of Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock valued at $307,000 after buying an additional 45 shares in the last quarter. Premier Path Wealth Partners LLC raised its holdings in shares of Targa Resources by 2.3% during the 2nd quarter. Premier Path Wealth Partners LLC now owns 2,003 shares of the pipeline company’s stock valued at $537,000 after buying an additional 45 shares during the period. River Wealth Advisors LLC raised its holdings in shares of Targa Resources by 0.3% during the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock valued at $5,217,000 after buying an additional 50 shares during the period. Finally, Bridgewater Advisors Inc. raised its holdings in shares of Targa Resources by 2.7% during the 1st quarter. Bridgewater Advisors Inc. now owns 2,210 shares of the pipeline company’s stock valued at $520,000 after buying an additional 59 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. Citigroup boosted their price target on Targa Resources from $303.00 to $325.00 and gave the stock a “buy” rating in a research report on Tuesday, October 13th. BMO Capital Markets increased their price objective on shares of Targa Resources from $303.00 to $328.00 and gave the company an “outperform” rating in a research report on Wednesday, October 21st. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $340.00 price objective on shares of Targa Resources in a research report on Tuesday, October 20th. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $315.00 to $351.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Finally, Weiss Ratings raised shares of Targa Resources from a “buy (b)” rating to a “buy (b+)” rating in a research report on Wednesday, October 14th. One research analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $319.25.

Insider Activity at Targa Resources

In related news, Director Paul W. Chung sold 1,816 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total transaction of $537,735.76. Following the transaction, the director directly owned 44,000 shares in the company, valued at $13,028,840. This trade represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares of the company’s stock, valued at approximately $18,079,007.16. This represents a 4.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 7,216 shares of company stock valued at $2,127,634. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Stock Up 0.7%

TRGP stock opened at $304.44 on Tuesday. The company has a market capitalization of $65.28 billion, a P/E ratio of 29.10, a PEG ratio of 1.25 and a beta of 0.80. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a twelve month low of $150.00 and a twelve month high of $307.94. The firm has a 50 day simple moving average of $288.57 and a 200-day simple moving average of $255.56.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, equities research analysts predict that Targa Resources, Inc. will post 11.42 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, October 30th. Targa Resources’s payout ratio is 47.80%.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company’s services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.