Targa Resources, Inc. $TRGP Holdings Raised by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in Targa Resources, Inc. (NYSE:TRGP) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 682,300 shares of the pipeline company’s stock after acquiring an additional 16,000 shares during the period. Targa Resources makes up about 6.5% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 2nd biggest position. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Targa Resources were worth $114,313,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Elevation Point Wealth Partners LLC purchased a new stake in Targa Resources during the second quarter worth $53,000. Carolina Wealth Advisors LLC acquired a new position in shares of Targa Resources during the 3rd quarter worth $58,000. Hilltop National Bank acquired a new position in shares of Targa Resources during the 2nd quarter worth $63,000. Kestra Investment Management LLC purchased a new stake in shares of Targa Resources in the 2nd quarter worth about $70,000. Finally, Private Trust Co. NA grew its stake in Targa Resources by 57.1% in 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 last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of TRGP opened at $185.70 on Wednesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The company’s 50 day simple moving average is $171.88 and its 200 day simple moving average is $167.82. The company has a market capitalization of $39.86 billion, a price-to-earnings ratio of 24.69, a PEG ratio of 1.06 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.

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

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, November 17th. Investors 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 annualized dividend and a yield of 2.2%. Targa Resources’s dividend payout ratio is 53.19%.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. The Goldman Sachs Group dropped their target price on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating for the company in a report on Thursday, November 13th. Scotiabank raised their price objective on shares of Targa Resources from $198.00 to $199.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 17th. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Stifel Nicolaus set a $213.00 target price on Targa Resources in a research note on Thursday, November 6th. Finally, Morgan Stanley raised their price target on Targa Resources from $240.00 to $261.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 12th. One equities research 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $210.79.

Insider Transactions at Targa Resources

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This trade represents a 47.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction dated Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the sale, the insider owned 29,561 shares of the company’s stock, valued at $5,356,748.81. This trade represents a 8.51% decrease in their position. The SEC filing for this sale provides additional information. 1.34% of the stock is currently 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.