Targa Resources, Inc. $TRGP Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• Cushing Asset Management reduced its Targa Resources stake by 9.7% in the third quarter, selling 59,500 shares and retaining 554,800 shares valued at approximately $150 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources shares opened at $304.44, near their 52-week high, while the company reported quarterly EPS of $3.54—above the $2.83 consensus estimate—despite revenue falling short of expectations.
• The company declared a quarterly dividend of $1.25 per share, or $5.00 annualized, representing a 1.6% yield. Analysts maintain a “Buy” consensus with an average price target of $319.25.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 9.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 554,800 shares of the pipeline company's stock after selling 59,500 shares during the quarter. Targa Resources makes up approximately 6.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's holdings, making the stock its 2nd largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.26% of Targa Resources worth $149,968,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Bank of America Corp DE purchased a new position in Targa Resources in the 2nd quarter valued at about $734,846,000. Legal & General Group Plc acquired a new stake in shares of Targa Resources during the 2nd quarter worth about $336,575,000. Canada Pension Plan Investment Board purchased a new stake in shares of Targa Resources during the second quarter worth about $275,702,000. Hsbc Holdings PLC purchased a new stake in shares of Targa Resources during the second quarter worth about $274,660,000. Finally, Kayne Anderson Capital Advisors LP purchased a new stake in shares of Targa Resources during the second quarter worth about $260,337,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Insider Buying and Selling

In related news, Director S 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 transaction, the director owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Paul Chung sold 1,816 shares of the firm's stock in a transaction that occurred 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 transaction, the director owned 44,000 shares in the company, valued at $13,028,840. The trade was a 3.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 7,216 shares of company stock valued at $2,127,634. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Stock Up 0.7%

Shares of NYSE TRGP opened at $304.44 on Tuesday. Targa Resources, Inc. has a 52-week low of $150.00 and a 52-week high of $307.94. The firm has a fifty day moving average of $288.57 and a 200-day moving average of $255.56. The stock has a market capitalization of $65.28 billion, a PE ratio of 29.10, a P/E/G ratio of 1.25 and a beta of 0.80. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping 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 business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. On average, analysts anticipate that Targa Resources, Inc. will post 11.42 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 17th. Stockholders of record on Friday, October 30th will be issued a dividend of $1.25 per share. The ex-dividend date is Friday, October 30th. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources's payout ratio is presently 47.80%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on TRGP shares. BMO Capital Markets boosted their price objective on shares of Targa Resources from $303.00 to $328.00 and gave the company an "outperform" rating in a research report on Wednesday, October 21st. Royal Bank Of Canada raised their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an "outperform" rating in a research report on Thursday, August 27th. Wells Fargo & Company raised their target price on shares of Targa Resources from $282.00 to $324.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 2nd. Barclays lifted their target price on shares of Targa Resources from $284.00 to $294.00 and gave the stock an "overweight" rating in a research note on Thursday, October 8th. Finally, Raymond James Financial reiterated a "strong-buy" rating and issued a $340.00 price target on shares of Targa Resources in a report on Tuesday, October 20th. One investment analyst has rated the stock with a Strong Buy rating and twenty-one have assigned a Buy rating to the company's stock. According to MarketBeat, Targa Resources has an average rating of "Buy" and an average price target of $319.25.

Targa Resources 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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