Eventide Asset Management LLC Has $62.96 Million Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Eventide Asset Management increased its stake in Targa Resources by 6.9% to 375,619 shares valued at $62.96 million, making the holding about 1.0% of Eventide’s portfolio and the firm’s 24th largest position.
• Significant insider selling has occurred recently — insiders sold 104,929 shares (~$24.7 million) over the last 90 days, including large dispositions by Patrick J. Mcdonie and President Jennifer R. Kneale that meaningfully reduced their holdings.
• Targa reported an EPS beat for the quarter, pays a $1.00 quarterly dividend (annualized $4.00, ~1.7% yield), and analysts remain largely positive with a consensus target near $241.93 and several firms raising targets into the $260s.

Eventide Asset Management LLC boosted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 375,619 shares of the pipeline company's stock after acquiring an additional 24,219 shares during the quarter. Targa Resources accounts for about 1.0% of Eventide Asset Management LLC's investment portfolio, making the stock its 24th largest holding. Eventide Asset Management LLC owned 0.17% of Targa Resources worth $62,960,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Alps Advisors Inc. boosted its holdings in shares of Targa Resources by 5.5% during the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company's stock worth $24,110,000 after purchasing an additional 7,497 shares during the period. Commonwealth Equity Services LLC increased its stake in Targa Resources by 137.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company's stock valued at $11,164,000 after buying an additional 38,626 shares during the period. Korea Investment CORP increased its stake in Targa Resources by 37.4% in the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company's stock valued at $43,688,000 after buying an additional 70,998 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its position in Targa Resources by 2.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company's stock worth $114,313,000 after buying an additional 16,000 shares in the last quarter. Finally, Envestnet Asset Management Inc. lifted its position in Targa Resources by 5.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company's stock worth $81,167,000 after buying an additional 22,969 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Activity

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 305,163 shares in the company, valued at $73,043,815.68. The trade was a 9.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, President Jennifer R. Kneale sold 29,509 shares of the firm's stock in a transaction that occurred on Tuesday, February 24th. The stock was 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 of the company's stock, valued at $54,138,031.20. This represents a 11.15% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 104,929 shares of company stock valued at $24,692,134. Corporate insiders own 1.34% of the company's stock.

Targa Resources Price Performance

NYSE:TRGP opened at $240.24 on Friday. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $250.00. The company has a fifty day moving average price of $210.59 and a 200 day moving average price of $183.18. The stock has a market cap of $51.64 billion, a P/E ratio of 27.97, a PEG ratio of 1.57 and a beta of 0.84.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analyst estimates of $4.12 billion. Analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were given a dividend of $1.00 per share. The ex-dividend date of this dividend 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 (DPR) is 46.57%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Stifel Nicolaus boosted their price target on shares of Targa Resources from $213.00 to $243.00 and gave the company a "buy" rating in a report on Friday, February 20th. Royal Bank Of Canada lifted their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an "outperform" rating in a research note on Friday, February 27th. Barclays reiterated an "overweight" rating and issued a $226.00 price objective on shares of Targa Resources in a report on Friday, February 20th. Wells Fargo & Company raised their price objective on Targa Resources from $248.00 to $264.00 and gave the company an "overweight" rating in a research note on Friday. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a report on Tuesday, February 24th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $241.93.

About Targa Resources

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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