Targa Resources, Inc. $TRGP Position Trimmed by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,825,558 shares of the pipeline company’s stock after selling 5,670 shares during the quarter. Targa Resources comprises 12.5% of Chickasaw Capital Management LLC’s holdings, making the stock its biggest position. Chickasaw Capital Management LLC owned approximately 0.85% of Targa Resources worth $305,854,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in TRGP. Algert Global LLC acquired a new position in shares of Targa Resources in the 1st quarter valued at $3,050,000. Northern Trust Corp grew its stake in Targa Resources by 5.2% during the 1st quarter. Northern Trust Corp now owns 2,304,977 shares of the pipeline company’s stock valued at $462,079,000 after purchasing an additional 113,670 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Targa Resources by 2.1% in the first quarter. Hsbc Holdings PLC now owns 733,198 shares of the pipeline company’s stock valued at $146,721,000 after purchasing an additional 15,176 shares during the period. Van Lanschot Kempen Investment Management N.V. raised its stake in shares of Targa Resources by 28.0% in the first quarter. Van Lanschot Kempen Investment Management N.V. now owns 37,894 shares of the pipeline company’s stock worth $7,597,000 after purchasing an additional 8,284 shares during the last quarter. Finally, Banco Bilbao Vizcaya Argentaria S.A. raised its stake in shares of Targa Resources by 21.4% in the first quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 8,012 shares of the pipeline company’s stock worth $1,600,000 after purchasing an additional 1,413 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 14th. The stock was sold at an average price of $172.21, for a total value of $3,444,200.00. Following the completion of the sale, the insider directly owned 22,139 shares in the company, valued at $3,812,557.19. The trade was a 47.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Gerald R. Shrader sold 2,750 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $181.21, for a total value of $498,327.50. Following the transaction, the insider directly owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

TRGP has been the topic of several research reports. The Goldman Sachs Group cut their price target on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a report on Thursday, November 13th. Morgan Stanley increased their price objective on shares of Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 12th. JPMorgan Chase & Co. raised their target price on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. BMO Capital Markets boosted their target price on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Finally, Mizuho cut their price target on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $210.64.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $182.25 on Thursday. The company has a market capitalization of $39.12 billion, a PE ratio of 24.24, a price-to-earnings-growth ratio of 1.02 and a beta of 0.89. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. The company’s fifty day moving average price is $166.30 and its 200 day moving average price is $166.77. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The firm had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. On average, research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were given a dividend of $1.00 per share. The ex-dividend date was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.2%. Targa Resources’s dividend payout ratio is currently 53.19%.

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.