Exchange Traded Concepts LLC Has $31 Million Stock Position in Targa Resources, Inc. $TRGP

Exchange Traded Concepts LLC reduced its holdings in Targa Resources, Inc. (NYSE:TRGP) by 5.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 167,998 shares of the pipeline company’s stock after selling 10,229 shares during the period. Exchange Traded Concepts LLC’s holdings in Targa Resources were worth $30,996,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of TRGP. Larson Financial Group LLC boosted its position in shares of Targa Resources by 4.1% in the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 60 shares during the period. Equitable Holdings Inc. increased its position in Targa Resources by 3.6% during the third quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock worth $287,000 after acquiring an additional 60 shares during the period. Stratos Wealth Partners LTD. raised its stake in Targa Resources by 1.3% during 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 raised its stake in Targa Resources by 3.2% during the 2nd quarter. State of Wyoming now owns 2,076 shares of the pipeline company’s stock valued at $361,000 after purchasing an additional 64 shares during the last quarter. Finally, Savant Capital LLC boosted its holdings in Targa Resources by 2.6% in the 3rd quarter. Savant Capital LLC now owns 2,849 shares of the pipeline company’s stock valued at $477,000 after purchasing an additional 73 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Targa Resources

In related news, insider D. Scott Pryor sold 17,500 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total value of $4,006,100.00. Following the sale, the insider owned 31,938 shares of the company’s stock, valued at $7,311,246.96. The trade was a 35.40% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Jennifer R. Kneale sold 29,509 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the completion of the sale, the president owned 235,260 shares in the company, valued at $54,138,031.20. This trade represents a 11.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 104,929 shares of company stock worth $24,692,134 over the last three months. 1.34% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Royal Bank Of Canada upped their price objective on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Mizuho boosted their price target on Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research note on Thursday, March 19th. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. TD Cowen raised their price objective on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Finally, The Goldman Sachs Group reissued a “buy” rating and set a $242.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $252.57.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $250.57 on Friday. The firm has a market cap of $53.86 billion, a P/E ratio of 29.17, a price-to-earnings-growth ratio of 1.64 and a beta of 0.84. The firm’s 50-day simple moving average is $223.17 and its 200-day simple moving average is $188.41. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.40. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. As a group, research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources’s dividend payout ratio is presently 46.57%.

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.