Targa Resources, Inc. $TRGP Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• CUSHING ASSET MANAGEMENT LP reduced its stake in Targa Resources, selling 18,242 shares and now holding 666,300 shares, which makes up 6.7% of its investment portfolio.
• Targa Resources reported an EPS of $2.87 for the last quarter, exceeding analysts' estimates of $1.95, but revenue fell short at $4.26 billion against the expected $4.82 billion.
• The company increased its quarterly dividend to $1.00 per share, marking a significant increase from the previous $0.12 per share, resulting in a dividend yield of 2.4%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT reduced its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2.7% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 666,300 shares of the pipeline company's stock after selling 18,242 shares during the quarter. Targa Resources comprises about 6.7% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 2nd largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned approximately 0.31% of Targa Resources worth $115,990,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. GQG Partners LLC raised its holdings in Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after buying an additional 1,410,747 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Targa Resources in the 1st quarter valued at approximately $196,351,000. Wellington Management Group LLP lifted its position in shares of Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after purchasing an additional 962,631 shares during the period. GAMMA Investing LLC boosted its stake in Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock valued at $186,112,000 after purchasing an additional 924,305 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock valued at $551,033,000 after acquiring an additional 834,666 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have issued reports on TRGP. Royal Bank Of Canada boosted their price target on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. BMO Capital Markets assumed coverage on shares of Targa Resources in a report on Friday. They issued an "outperform" rating and a $185.00 target price for the company. Mizuho reduced their price objective on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research note on Friday, August 29th. Finally, TD Securities began coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $207.27.

Targa Resources Trading Up 0.6%

Shares of NYSE TRGP traded up $0.98 during midday trading on Monday, reaching $165.41. The stock had a trading volume of 1,586,528 shares, compared to its average volume of 1,374,582. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company's 50 day moving average price is $165.04 and its 200 day moving average price is $170.24. The firm has a market cap of $35.59 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 0.97 and a beta of 1.21. Targa Resources, Inc. has a twelve month low of $144.30 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources's dividend payout ratio is presently 56.58%.

Targa Resources Company 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.