Targa Resources, Inc. $TRGP Shares Sold by HighTower Advisors LLC

by · The Cerbat Gem

HighTower Advisors LLC trimmed its position in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 3.5% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 175,858 shares of the pipeline company’s stock after selling 6,333 shares during the period. HighTower Advisors LLC owned 0.08% of Targa Resources worth $47,154,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings in shares of Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares during the period. Hsbc Holdings PLC grew its position in shares of Targa Resources by 7.0% during the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after buying an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY raised its stake in 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 acquiring an additional 62,652 shares during the period. Raiffeisen Bank International AG lifted its holdings in Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after acquiring an additional 20,905 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock valued at $1,078,497,000 after acquiring an additional 45,495 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity at Targa Resources

In other Targa Resources news, Director Waters S. Iv Davis sold 2,400 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $299.67, for a total transaction of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. The trade was a 61.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Paul W. Chung sold 1,816 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the director directly owned 44,000 shares of the company’s stock, valued at approximately $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 7,216 shares of company stock worth $2,127,634 over the last ninety days. 1.37% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TRGP shares. Scotiabank increased their price target on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. UBS Group restated a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. TD Cowen increased their target price on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday, August 7th. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. Finally, Wells Fargo & Company boosted their price target on shares of Targa Resources from $282.00 to $324.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Buy” and a consensus price target of $301.18.

Check Out Our Latest Research Report on TRGP

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $290.20 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The stock has a 50 day simple moving average of $277.89 and a 200-day simple moving average of $260.41. The company has a market cap of $62.23 billion, a PE ratio of 27.74, a P/E/G ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94.

Targa Resources (NYSE:TRGP – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.90 billion. On average, equities research analysts forecast that Targa Resources, Inc. will post 11.23 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 47.80%.

Targa Resources Company Profile

(Free Report)

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.

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