Targa Resources, Inc. $TRGP Shares Sold by Eventide Asset Management LLC

Eventide Asset Management LLC cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 22.1% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 351,400 shares of the pipeline company’s stock after selling 99,928 shares during the period. Targa Resources makes up about 1.1% of Eventide Asset Management LLC’s portfolio, making the stock its 24th largest holding. Eventide Asset Management LLC’s holdings in Targa Resources were worth $61,174,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. Disciplina Capital Management LLC purchased a new position in Targa Resources during the first quarter worth approximately $46,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Targa Resources in the second quarter valued at approximately $53,000. Hilltop National Bank acquired a new position in shares of Targa Resources during the 2nd quarter worth approximately $63,000. Private Trust Co. NA raised its stake in shares of Targa Resources by 57.1% during the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after buying an additional 173 shares during the period. Finally, Wolff Wiese Magana LLC lifted its position in shares of Targa Resources by 61.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock valued at $84,000 after buying an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider directly owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of Targa Resources stock in a transaction on Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the transaction, the insider owned 22,139 shares in the company, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 1.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TRGP shares. Royal Bank Of Canada boosted their price target on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a report on Wednesday, December 3rd. Stifel Nicolaus set a $213.00 target price on shares of Targa Resources in a research report on Thursday, November 6th. BMO Capital Markets boosted their target price on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. Scotiabank decreased their price target on shares of Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a research note on Thursday, November 13th. Finally, JPMorgan Chase & Co. lifted their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $210.57.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $183.15 on Friday. The firm has a 50-day simple moving average of $165.43 and a 200-day simple moving average of $166.27. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91. The stock has a market capitalization of $39.31 billion, a price-to-earnings ratio of 24.35, a price-to-earnings-growth ratio of 1.07 and a beta of 0.89. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. On average, equities analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend was Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.