Targa Resources, Inc. $TRGP Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Targa Resources stake by 15% in the second quarter, selling 7,510 shares and retaining 42,659 shares valued at approximately $11.4 million. Institutional investors and hedge funds collectively own 92.13% of the company.
• Analysts remain broadly bullish on TRGP: 17 rate it Buy and one rates it Hold, producing a consensus Buy rating and average price target of $310.88. Recent firms raised their targets, including Morgan Stanley to $359.
• Targa Resources reported quarterly EPS of $3.54, beating estimates of $2.83, and pays a quarterly dividend of $1.25, or $5.00 annually, yielding about 1.8%. Shares opened at $284.55, near their 52-week high of $307.94.

Corient Private Wealth LP decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 15.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,659 shares of the pipeline company's stock after selling 7,510 shares during the period. Corient Private Wealth LP's holdings in Targa Resources were worth $11,438,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. The Manufacturers Life Insurance Company purchased a new stake in shares of Targa Resources in the second quarter valued at $100,442,000. PNC Financial Services Group Inc. lifted its position in Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock worth $6,421,000 after buying an additional 12,640 shares during the period. Hsbc Holdings PLC lifted its position in Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock worth $151,331,000 after buying an additional 53,413 shares during the period. Miller Howard Investments Inc. NY boosted its stake in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company's stock worth $57,816,000 after buying an additional 62,652 shares during the last quarter. Finally, Raiffeisen Bank International AG boosted its stake in Targa Resources by 164.1% in the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company's stock worth $6,245,000 after buying an additional 20,905 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Morgan Stanley upped their price objective on shares of Targa Resources from $343.00 to $359.00 and gave the company an "overweight" rating in a research note on Wednesday. Scotiabank raised their target price on shares of Targa Resources from $257.00 to $314.00 and gave the stock an "outperform" rating in a research report on Thursday, September 10th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a report on Friday, August 7th. UBS Group reaffirmed a "buy" rating and set a $318.00 price target on shares of Targa Resources in a research report on Thursday, July 9th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Targa Resources in a research note on Thursday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $310.88.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $284.55 on Thursday. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $307.94. The company has a market capitalization of $61.02 billion, a price-to-earnings ratio of 27.20, a PEG ratio of 1.35 and a beta of 0.72. The business has a 50-day moving average of $281.25 and a 200-day moving average of $263.35.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. On average, equities analysts anticipate that Targa Resources, Inc. will post 11.32 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources's dividend payout ratio is 47.80%.

Insider Activity at Targa Resources

In related news, Director Paul W. Chung sold 1,816 shares of the stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $296.11, for a total value of $537,735.76. Following the completion of the transaction, the director owned 44,000 shares of the company's stock, valued at approximately $13,028,840. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Waters S. Iv Davis sold 2,400 shares of the firm's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director owned 1,529 shares of the company's stock, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 7,216 shares of company stock valued at $2,127,634. Corporate insiders own 1.37% of the company's stock.

Targa Resources Profile

Targa Resources Corp. NYSE: TRGP is a midstream energy infrastructure company that gathers, processes, transports and fractionates natural gas and natural gas liquids (NGLs). Its operations connect producers with downstream markets and include natural gas gathering and processing, NGL fractionation, storage, transportation and marketing, as well as crude oil gathering and logistics.

The company operates an integrated network of pipelines, processing plants, fractionation facilities, storage assets and export infrastructure across the United States.

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