Targa Resources, Inc. $TRGP Shares Bought by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT grew its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 2.4% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 682,300 shares of the pipeline company’s stock after purchasing an additional 16,000 shares during the quarter. Targa Resources makes up about 6.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its 2nd largest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned 0.32% of Targa Resources worth $114,313,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in TRGP. Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources in the 2nd quarter valued at about $53,000. Carolina Wealth Advisors LLC acquired a new position in Targa Resources during the third quarter worth approximately $58,000. Hilltop National Bank purchased a new stake in Targa Resources in the second quarter valued at approximately $63,000. Kestra Investment Management LLC acquired a new stake in shares of Targa Resources in the second quarter valued at approximately $70,000. Finally, Private Trust Co. NA boosted its holdings in shares of Targa Resources by 57.1% in the second 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. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Buying and Selling at Targa Resources

In other news, insider D. Scott Pryor sold 20,000 shares of the company’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the transaction, the insider directly owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This represents a 47.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gerald R. Shrader sold 2,750 shares of the stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This represents a 8.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.34% of the company’s stock.

Targa Resources Trading Up 1.0%

NYSE TRGP opened at $185.70 on Wednesday. The stock has a market capitalization of $39.86 billion, a P/E ratio of 24.69, a P/E/G ratio of 1.06 and a beta of 0.89. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51. The firm has a 50-day moving average price of $171.88 and a 200 day moving average price of $167.82. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 5.91.

Targa Resources (NYSE:TRGP) last announced 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). The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Targa Resources had a net margin of 9.35% and a return on equity of 51.87%. Equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. BMO Capital Markets upped their price target 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. The Goldman Sachs Group dropped their price objective on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a research note on Thursday, November 13th. Royal Bank Of Canada upped their target price on shares of Targa Resources from $213.00 to $218.00 and gave the company an “outperform” rating in a report on Wednesday, December 3rd. UBS Group reissued a “buy” rating and set a $228.00 price target on shares of Targa Resources in a report on Tuesday, December 2nd. Finally, Wells Fargo & Company upped their price objective on Targa Resources from $205.00 to $207.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $210.79.

About Targa Resources

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.