Targa Resources, Inc. $TRGP Shares Sold by Kestra Advisory Services LLC

Kestra Advisory Services LLC reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 12.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,481 shares of the pipeline company’s stock after selling 1,977 shares during the period. Kestra Advisory Services LLC’s holdings in Targa Resources were worth $3,380,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources in the fourth quarter valued at $27,000. Olistico Wealth LLC acquired a new position in Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. bought a new position in Targa Resources during the 4th quarter worth $30,000. Leonteq Securities AG bought a new position in shares of Targa Resources during the fourth quarter worth about $31,000. Finally, Sound Income Strategies LLC grew its position in Targa Resources by 668.0% in the 1st quarter. Sound Income Strategies LLC now owns 192 shares of the pipeline company’s stock worth $47,000 after purchasing an additional 167 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.1%

Shares of TRGP opened at $283.39 on Friday. The company has a 50-day simple moving average of $267.82 and a 200-day simple moving average of $238.58. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The firm has a market capitalization of $60.83 billion, a P/E ratio of 28.65, a P/E/G ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $285.56.

Targa Resources (NYSE:TRGP) last released 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). The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, equities research analysts expect that Targa Resources, Inc. will post 10.74 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Insider Buying and Selling

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.37% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms have commented on TRGP. Erste Group Bank started coverage on shares of Targa Resources in a research note on Thursday, June 25th. They set a “buy” rating on the stock. Jefferies Financial Group started coverage on Targa Resources in a research report on Thursday, June 18th. They issued a “buy” rating and a $314.00 price target for the company. Citigroup reiterated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Mizuho lifted their target price on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Finally, Scotiabank boosted their price target on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a report on Tuesday, May 12th. Seventeen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $285.93.

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.