Chickasaw Capital Management LLC Reduces Holdings in Targa Resources, Inc. $TRGP

Key Points

• Chickasaw Capital Management reduced its Targa Resources position by 2.7%, selling 45,180 shares, but still held 1.61 million shares worth about $434.2 million. Targa remains the firm’s largest holding and represents 15.5% of its portfolio.
• Wall Street analysts remain bullish, with a consensus “Buy” rating and an average price target of $317.24, above the stock’s reported $283.99 price.
• Targa reported quarterly EPS of $3.54, exceeding expectations of $2.83, and pays a $1.25 quarterly dividend, equivalent to a $5.00 annualized payout and a 1.8% yield.

Chickasaw Capital Management LLC lessened its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,606,269 shares of the pipeline company's stock after selling 45,180 shares during the period. Targa Resources comprises about 15.5% of Chickasaw Capital Management LLC's portfolio, making the stock its largest holding. Chickasaw Capital Management LLC owned 0.75% of Targa Resources worth $434,191,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. First Eagle Investment Management LLC lifted its position in shares of Targa Resources by 381.0% in the second quarter. First Eagle Investment Management LLC now owns 101 shares of the pipeline company's stock valued at $27,000 after buying an additional 80 shares during the last quarter. Jones Financial Companies Lllp bought a new position in Targa Resources in the 2nd quarter valued at about $32,000. Compass Financial Management LLC acquired a new position in Targa Resources during the second quarter valued at approximately $33,000. CoreCap Advisors LLC raised its holdings in shares of Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after buying an additional 91 shares in the last quarter. Finally, Virtus Advisers LLC acquired a new position in Targa Resources during the second quarter worth about $35,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Stifel Nicolaus initiated coverage on shares of Targa Resources in a research note on Thursday, September 10th. They issued a "buy" rating and a $340.00 price target on the stock. TD Cowen raised shares of Targa Resources from a "hold" rating to a "buy" rating and increased their price objective for the company from $275.00 to $350.00 in a research note on Friday, September 18th. Wolfe Research set a $335.00 price objective on shares of Targa Resources in a research note on Friday, August 7th. Royal Bank Of Canada raised their target price on shares of Targa Resources from $312.00 to $338.00 and gave the company an "outperform" rating in a research report on Thursday, August 27th. Finally, Mizuho boosted their target price on shares of Targa Resources from $300.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $317.24.

Insider Buying and Selling at Targa Resources

In other news, Director Charles Crisp sold 3,000 shares of the business's stock in a transaction that occurred 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 sale, the director owned 62,292 shares in the company, valued at $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Paul 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 value of $537,735.76. Following the transaction, the director directly owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 7,216 shares of company stock valued at $2,127,634. Company insiders own 1.37% of the company's stock.

Targa Resources Trading Down 0.6%

NYSE:TRGP opened at $283.99 on Thursday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm's fifty day moving average is $282.76 and its 200-day moving average is $267.98. The firm has a market cap of $60.90 billion, a P/E ratio of 27.15, a P/E/G ratio of 1.35 and a beta of 0.80.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results 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. The firm had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Equities analysts expect that Targa Resources, Inc. will post 11.32 earnings per share for the current year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's dividend payout ratio (DPR) is 47.80%.

About Targa Resources

Targa Resources Corp. NYSE: TRGP is a Houston-based midstream energy company that owns, operates and develops infrastructure for gathering, processing, transporting, storing and exporting natural gas, natural gas liquids (NGLs), crude oil and refined petroleum products. Its operations connect producers with domestic and international markets across key U.S. energy-producing regions.

The company's assets include natural gas gathering and processing systems, NGL pipelines, fractionation facilities, storage assets and export terminals.

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