Sanders Morris Harris LLC Cuts Holdings in Targa Resources, Inc. $TRGP

Sanders Morris Harris LLC lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 81.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 800 shares of the pipeline company’s stock after selling 3,400 shares during the period. Sanders Morris Harris LLC’s holdings in Targa Resources were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its position in Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after acquiring an additional 12,640 shares during the period. Hsbc Holdings PLC raised its stake in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY lifted its holdings in shares of Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after purchasing an additional 62,652 shares during the period. Raiffeisen Bank International AG lifted its holdings in shares of Targa Resources by 164.1% during the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after purchasing an additional 20,905 shares during the period. Finally, Ninety One UK Ltd grew its position in Targa Resources by 12.6% in the 4th quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock valued at $18,031,000 after buying an additional 10,946 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Stock Down 1.3%

TRGP stock opened at $259.64 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The company’s 50-day moving average price is $268.70 and its 200 day moving average price is $247.29. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $291.04. The company has a market cap of $55.73 billion, a P/E ratio of 26.25, a P/E/G ratio of 1.33 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. On average, research analysts expect that Targa Resources, Inc. will post 10.84 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Analysts Set New Price Targets

A number of brokerages have commented on TRGP. UBS Group restated a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Truist Financial raised their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. The Goldman Sachs Group boosted their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $310.00 target price on shares of Targa Resources in a research note on Tuesday, July 21st. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $288.00.

Targa Resources 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.