Fayez Sarofim & Co Sells 6,700 Shares of Targa Resources, Inc. $TRGP

Fayez Sarofim & Co cut its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 46.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 7,614 shares of the pipeline company’s stock after selling 6,700 shares during the quarter. Fayez Sarofim & Co’s holdings in Targa Resources were worth $1,276,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of TRGP. Alps Advisors Inc. grew its stake in 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. Korea Investment CORP lifted its stake in Targa Resources by 37.4% in the third 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. Commonwealth Equity Services LLC boosted its holdings in shares of Targa Resources by 137.9% during the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after buying an additional 38,626 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT boosted its holdings in shares of Targa Resources by 2.4% during 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. grew its position in shares of Targa Resources by 5.0% during 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 during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

TRGP opened at $239.26 on Tuesday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $250.00. The company has a market cap of $51.43 billion, a price-to-earnings ratio of 27.85, a PEG ratio of 1.57 and a beta of 0.84. The company’s fifty day moving average price is $211.70 and its two-hundred day moving average price is $183.82. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is 46.57%.

Insider Buying and Selling at Targa Resources

In other news, President Jennifer R. Kneale sold 29,509 shares of the 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 directly owned 235,260 shares of the company’s stock, valued at $54,138,031.20. This represents a 11.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction that occurred on Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the completion of the transaction, the insider owned 31,938 shares in the company, valued at $7,311,246.96. This represents a 35.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 104,929 shares of company stock worth $24,692,134. 1.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of research reports. Royal Bank Of Canada boosted their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. UBS Group restated a “buy” rating on shares of Targa Resources in a report on Friday, January 9th. The Goldman Sachs Group reiterated a “buy” rating and set a $242.00 price objective on shares of Targa Resources in a report on Friday, February 20th. TD Cowen increased their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Finally, Barclays restated an “overweight” rating and issued a $226.00 target price on shares of Targa Resources in a research note on Friday, February 20th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $241.93.

Targa Resources 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.