Targa Resources, Inc. $TRGP Shares Sold by Cbre Investment Management Listed Real Assets LLC

Key Points

• Cbre Investment Management trimmed its Targa Resources stake by 2.3% in the fourth quarter, leaving it with 623,930 shares valued at about $115.1 million. Institutional investors still hold a dominant 92.13% of the company.
• Insider selling continued, with Director Charles R. Crisp and insider Robert Muraro both selling shares in recent transactions, reducing their ownership positions.
• Targa Resources raised its quarterly dividend to $1.25 per share from $1.00, while analysts remain broadly positive with a Moderate Buy consensus and an average target price of $269.21.

Cbre Investment Management Listed Real Assets LLC decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 2.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 623,930 shares of the pipeline company's stock after selling 14,403 shares during the period. Targa Resources accounts for 1.7% of Cbre Investment Management Listed Real Assets LLC's portfolio, making the stock its 24th largest position. Cbre Investment Management Listed Real Assets LLC owned about 0.29% of Targa Resources worth $115,115,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of TRGP. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter worth $27,000. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter worth $27,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources in the fourth quarter worth $31,000. Godfrey Financial Associates Inc. acquired a new stake in shares of Targa Resources in the fourth quarter worth $37,000. Finally, Eagle Bay Advisors LLC acquired a new stake in shares of Targa Resources in the fourth quarter worth $42,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Robert Muraro sold 24,589 shares of the firm's stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the completion of the transaction, the insider owned 197,401 shares in the company, valued at approximately $47,640,757.34. The trade was a 11.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.37% of the company's stock.

Targa Resources Trading Up 1.5%

NYSE TRGP opened at $258.97 on Tuesday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The company has a market capitalization of $55.59 billion, a price-to-earnings ratio of 26.19, a price-to-earnings-growth ratio of 1.32 and a beta of 0.72. The company's fifty day moving average price is $251.66 and its two-hundred day moving average price is $217.12.

Targa Resources (NYSE:TRGP - Get Free Report) last posted 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 for the quarter, compared to the consensus estimate of $4.68 billion. As a group, research analysts predict that Targa Resources, Inc. will post 10.67 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources's payout ratio is currently 50.56%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TRGP shares. Barclays increased their price objective on shares of Targa Resources from $255.00 to $262.00 and gave the stock an "overweight" rating in a research report on Thursday, May 14th. Citigroup reissued a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Morgan Stanley increased their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 12th. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a research report on Monday, April 20th. Finally, Scotiabank increased their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 12th. Fifteen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $269.21.

Targa Resources Company 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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