Entropy Technologies LP Boosts Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Entropy Technologies LP raised its stake in Targa Resources (TRGP) by 56.3% in Q3 to 28,572 shares, worth about $4.79 million, while large institutions such as Vanguard and Norges Bank also hold substantial positions.
• Insiders have been net sellers — 104,929 shares valued at $24.69 million were sold in the last 90 days, including notable sales by Patrick J. Mcdonie (31,537 shares) and President Jennifer R. Kneale (29,509 shares).
• Targa Resources has a $51.25 billion market cap, recently beat quarterly EPS estimates ($2.51 vs. $2.35), pays a $1.00 quarterly dividend (annualized $4.00, yield 1.7%), and carries a high debt-to-equity ratio (5.21) amid a consensus "Moderate Buy" price target of $240.79.

Entropy Technologies LP raised its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 56.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,572 shares of the pipeline company's stock after acquiring an additional 10,290 shares during the quarter. Entropy Technologies LP's holdings in Targa Resources were worth $4,787,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TRGP. Norges Bank acquired a new position in Targa Resources in the 2nd quarter valued at $708,366,000. Franklin Resources Inc. boosted its stake in Targa Resources by 306.6% during the 2nd quarter. Franklin Resources Inc. now owns 601,370 shares of the pipeline company's stock worth $104,686,000 after purchasing an additional 453,460 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Targa Resources by 1.5% during the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock worth $4,755,169,000 after buying an additional 422,075 shares in the last quarter. Ensign Peak Advisors Inc raised its position in shares of Targa Resources by 290.5% in the second quarter. Ensign Peak Advisors Inc now owns 503,770 shares of the pipeline company's stock valued at $87,696,000 after buying an additional 374,768 shares during the last quarter. Finally, Merewether Investment Management LP raised its position in shares of Targa Resources by 52.9% in the second quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company's stock valued at $172,789,000 after buying an additional 343,319 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the firm's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider owned 305,163 shares of the company's stock, valued at $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Jennifer R. Kneale sold 29,509 shares of Targa Resources stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the completion of the sale, the president owned 235,260 shares in the company, valued at $54,138,031.20. This represents a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 104,929 shares of company stock valued at $24,692,134 in the last ninety days. Company insiders own 1.34% of the company's stock.

Targa Resources Trading Up 0.8%

Shares of TRGP opened at $238.43 on Friday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $250.00. The firm has a market capitalization of $51.25 billion, a P/E ratio of 27.76, a P/E/G ratio of 1.55 and a beta of 0.84. The firm has a 50-day moving average price of $209.52 and a 200 day moving average price of $182.50. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping analysts' consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.12 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources's dividend payout ratio is currently 46.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Weiss Ratings upgraded shares of Targa Resources from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, January 29th. TD Cowen increased their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the company a "hold" rating in a report on Monday, February 23rd. Wells Fargo & Company raised their target price on shares of Targa Resources from $207.00 to $248.00 and gave the stock an "overweight" rating in a research note on Friday, February 20th. Royal Bank Of Canada boosted their target price on Targa Resources from $218.00 to $260.00 and gave the stock an "outperform" rating in a report on Friday, February 27th. Finally, Morgan Stanley upped their price target on Targa Resources from $266.00 to $298.00 and gave the company an "overweight" rating in a research report on Tuesday, March 3rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $240.79.

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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