Targa Resources, Inc. $TRGP Shares Sold by Curated Wealth Partners LLC

Key Points

• Curated Wealth Partners LLC cut its Targa Resources stake by 99.9% in the third quarter, selling 700,743 shares and retaining just 847 shares worth approximately $229,000.
• Targa Resources reported quarterly EPS of $3.54, exceeding analyst expectations of $2.83, while revenue reached $4.44 billion. The company also declared a quarterly dividend of $1.25 per share, representing a 1.7% yield.
• Analysts remain broadly positive, with the stock carrying a consensus “Buy” rating and an average price target of $317.75, above its reported market price of $294.75.

Curated Wealth Partners LLC trimmed its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 99.9% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 847 shares of the pipeline company's stock after selling 700,743 shares during the period. Curated Wealth Partners LLC's holdings in Targa Resources were worth $229,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. raised its holdings in Targa Resources by 1.4% during the 2nd quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock valued at $5,586,077,000 after buying an additional 291,114 shares during the period. State Street Corp boosted its stake in Targa Resources by 4.6% during the second quarter. State Street Corp now owns 14,226,166 shares of the pipeline company's stock worth $3,814,604,000 after buying an additional 626,885 shares during the period. Bank of America Corp DE boosted its stake in Targa Resources by 28.0% during the first quarter. Bank of America Corp DE now owns 3,151,993 shares of the pipeline company's stock worth $790,299,000 after buying an additional 688,598 shares during the period. Deutsche Bank AG boosted its stake in Targa Resources by 21.7% during the second quarter. Deutsche Bank AG now owns 3,025,248 shares of the pipeline company's stock worth $811,190,000 after buying an additional 539,582 shares during the period. Finally, Amundi increased its position in Targa Resources by 10.8% during the second quarter. Amundi now owns 2,222,046 shares of the pipeline company's stock valued at $595,817,000 after acquiring an additional 215,915 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $294.75 on Monday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $307.94. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The firm has a market capitalization of $63.20 billion, a P/E ratio of 28.18, a P/E/G ratio of 1.22 and a beta of 0.80. The stock has a 50 day moving average price of $286.24 and a 200 day moving average price of $270.15.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. As a group, sell-side analysts predict that Targa Resources, Inc. will post 11.38 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, October 30th. Targa Resources's payout ratio is currently 47.80%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on TRGP. Mizuho increased their target price on shares of Targa Resources from $300.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, September 11th. Jefferies Financial Group restated a "buy" rating and issued a $326.00 target price on shares of Targa Resources in a report on Thursday. Truist Financial reaffirmed a "buy" rating and set a $345.00 price target (up from $312.00) on shares of Targa Resources in a research note on Monday, September 21st. Scotiabank reiterated an "outperform" rating and set a $319.00 price target on shares of Targa Resources in a report on Thursday. Finally, Raymond James Financial set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating and twenty-one have issued a Buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $317.75.

Insider Activity

In other news, Director Paul Chung sold 1,816 shares of the business's stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $296.11, for a total transaction of $537,735.76. Following the completion of the sale, the director directly owned 44,000 shares of the company's stock, valued at approximately $13,028,840. The trade was a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Charles Crisp sold 3,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total transaction of $870,690.00. Following the completion of the transaction, the director owned 62,292 shares in the company, valued at approximately $18,079,007.16. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is currently owned by company insiders.

Targa Resources Company Profile

Targa Resources Corp. is a Houston-based midstream energy company that owns, operates and develops infrastructure used to gather, process, transport, store and fractionate natural gas and natural gas liquids (NGLs). Its operations support producers and other energy companies by connecting hydrocarbon supplies with domestic and international markets.

The company's services include natural gas gathering and processing, NGL recovery, fractionation and storage, crude oil gathering, and the transportation and logistics of NGLs and related products.

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