Catalyst Capital Advisors LLC Reduces Stake in Targa Resources, Inc. $TRGP

Catalyst Capital Advisors LLC reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 17.5% in the 4th quarter, Holdings Channel reports. The institutional investor owned 174,928 shares of the pipeline company’s stock after selling 37,043 shares during the period. Targa Resources accounts for approximately 0.7% of Catalyst Capital Advisors LLC’s investment portfolio, making the stock its 26th largest position. Catalyst Capital Advisors LLC’s holdings in Targa Resources were worth $32,274,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the 4th quarter valued at $27,000. Olistico Wealth LLC purchased a new stake in Targa Resources in the 4th quarter valued at $27,000. Leonteq Securities AG purchased a new position in shares of Targa Resources during the 4th quarter worth $31,000. Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources during the 4th quarter worth $37,000. Finally, Eagle Bay Advisors LLC purchased a new position in shares of Targa Resources during the 4th quarter worth $42,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 66,728 shares of company stock valued at $16,196,694. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Price Performance

TRGP opened at $255.14 on Friday. The stock’s 50-day moving average price is $251.28 and its 200 day moving average price is $216.18. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The firm has a market cap of $54.76 billion, a price-to-earnings ratio of 25.80, a PEG ratio of 1.35 and a beta of 0.75.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, sell-side analysts expect that Targa Resources, Inc. will post 10.67 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is currently 50.56%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on TRGP shares. Morgan Stanley increased their price target on Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a report on Tuesday, May 12th. TD Cowen increased their price target on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a report on Monday, May 11th. BMO Capital Markets reiterated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a report on Friday, February 20th. Scotiabank increased their price target on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Finally, The Goldman Sachs Group increased their price target on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $269.21.

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.