Chickasaw Capital Management LLC Increases Stock Holdings in Targa Resources, Inc. $TRGP

Chickasaw Capital Management LLC boosted its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,834,117 shares of the pipeline company’s stock after purchasing an additional 8,559 shares during the quarter. Targa Resources accounts for approximately 13.9% of Chickasaw Capital Management LLC’s holdings, making the stock its biggest position. Chickasaw Capital Management LLC owned 0.85% of Targa Resources worth $338,395,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Peoples Financial Services CORP. bought a new position in shares of Targa Resources during the 3rd quarter worth about $34,000. Root Financial Partners LLC bought a new stake in shares of Targa Resources in the third quarter valued at about $39,000. Avion Wealth lifted its stake in shares of Targa Resources by 475.0% in the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares during the period. First Horizon Corp acquired a new stake in Targa Resources during the third quarter worth about $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in Targa Resources during the second quarter worth about $53,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.9%

Shares of TRGP opened at $239.54 on Tuesday. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The company has a 50-day moving average price of $217.93 and a two-hundred day moving average price of $186.35. The stock has a market cap of $51.49 billion, a price-to-earnings ratio of 27.89, a P/E/G ratio of 1.55 and a beta of 0.84. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $250.00.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a return on equity of 65.48% and a net margin of 10.88%. Equities analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is currently 46.57%.

Wall Street Analyst Weigh In

TRGP has been the subject of several recent research reports. TD Cowen upped their price target on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a report on Monday, February 23rd. Royal Bank Of Canada lifted their price objective on Targa Resources from $218.00 to $260.00 and gave the stock an “outperform” rating in a report on Friday, February 27th. Mizuho boosted their price objective on Targa Resources from $207.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, March 19th. BMO Capital Markets restated an “outperform” rating and issued a $241.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Finally, Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $246.54.

Insider Activity

In other news, President Jennifer R. Kneale sold 29,509 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total value of $6,790,611.08. Following the sale, the president owned 235,260 shares of the company’s stock, valued at approximately $54,138,031.20. This represents a 11.15% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles R. Crisp sold 1,359 shares of the stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the sale, the director owned 77,094 shares of the company’s stock, valued at $17,677,654.20. This trade represents a 1.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 104,929 shares of company stock valued at $24,692,134. 1.34% of the stock is owned by company insiders.

Targa Resources Company 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.