CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Decreases Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Cushing Asset Management trimmed its stake in Targa Resources by 4.3% in the first quarter, but the stock remains its largest holding at 8.1% of portfolio assets.
• Insider selling was reported by Director Charles R. Crisp, who sold 10,602 shares for about $2.71 million, reducing his position by 13.75%.
• Analysts remain constructive on TRGP, with 17 Buy ratings and a consensus price target of $272.73, while the company also recently raised its quarterly dividend to $1.25 per share.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 652,300 shares of the pipeline company's stock after selling 29,000 shares during the period. Targa Resources accounts for 8.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.30% of Targa Resources worth $163,551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Abel Hall LLC acquired a new position in Targa Resources during the 1st quarter worth $315,000. Ascentis Independent Advisors acquired a new stake in shares of Targa Resources in the 1st quarter valued at $113,000. Hardy Reed LLC increased its stake in shares of Targa Resources by 1.0% in the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock valued at $1,083,000 after buying an additional 41 shares during the period. QRG Capital Management Inc. raised its position in shares of Targa Resources by 40.6% during the first quarter. QRG Capital Management Inc. now owns 17,523 shares of the pipeline company's stock worth $4,393,000 after acquiring an additional 5,059 shares during the last quarter. Finally, World Investment Advisors bought a new stake in shares of Targa Resources during the first quarter worth $1,870,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on TRGP shares. Scotiabank upped their price target on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. TD Cowen lifted their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a research report on Monday, May 11th. Erste Group Bank initiated coverage on Targa Resources in a report on Thursday, June 25th. They set a "buy" rating for the company. The Goldman Sachs Group upped their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $281.00 price target on shares of Targa Resources in a research report on Tuesday, May 12th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $272.73.

Targa Resources Stock Down 0.0%

Shares of Targa Resources stock opened at $258.85 on Monday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The business has a fifty day simple moving average of $262.36 and a 200 day simple moving average of $232.29. The stock has a market cap of $55.56 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.32 and a beta of 0.71.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 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 the consensus estimate of $4.68 billion. Research analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a $1.25 dividend. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. Targa Resources's dividend payout ratio (DPR) is currently 50.56%.

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.

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