Envestnet Asset Management Inc. Sells 3,411 Shares of Targa Resources, Inc. $TRGP

Envestnet Asset Management Inc. reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.7% in the second quarter, Holdings Channel reports. The fund owned 461,493 shares of the pipeline company’s stock after selling 3,411 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Targa Resources were worth $80,337,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of TRGP. Cornerstone Planning Group LLC grew its position in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 110 shares during the period. Disciplina Capital Management LLC bought a new position in shares of Targa Resources during the 1st quarter valued at approximately $46,000. Olde Wealth Management LLC bought a new position in shares of Targa Resources during the 1st quarter valued at approximately $52,000. Hilltop National Bank bought a new position in shares of Targa Resources during the 2nd quarter valued at approximately $63,000. Finally, Private Trust Co. NA grew its position in shares of Targa Resources by 57.1% during the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after acquiring an additional 173 shares during the period. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Shares of TRGP stock opened at $151.30 on Thursday. The stock has a market capitalization of $32.56 billion, a P/E ratio of 21.40, a PEG ratio of 0.97 and a beta of 1.12. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The firm’s 50 day moving average is $161.76 and its 200 day moving average is $165.20. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.82 billion. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be paid a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 annualized dividend and a yield of 2.6%. Targa Resources’s dividend payout ratio is currently 56.58%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on TRGP shares. TD Securities started coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a “hold” rating for the company. Mizuho reduced their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. Royal Bank Of Canada upped their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Finally, Cfra Research upgraded shares of Targa Resources to a “hold” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $209.50.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.