Targa Resources, Inc. $TRGP Shares Sold by AXQ Capital LP

AXQ Capital LP lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 79.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,831 shares of the pipeline company’s stock after selling 6,990 shares during the period. AXQ Capital LP’s holdings in Targa Resources were worth $307,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of TRGP. Peoples Financial Services CORP. acquired a new stake in Targa Resources in the 3rd quarter worth about $34,000. Root Financial Partners LLC acquired a new position in shares of Targa Resources during the third quarter valued at approximately $39,000. Avion Wealth lifted its position 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 acquiring an additional 228 shares in the last quarter. First Horizon Corp purchased a new position in shares of Targa Resources in the third quarter valued at approximately $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources in the second quarter worth approximately $53,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

NYSE:TRGP opened at $230.09 on Thursday. The company’s 50-day moving average is $197.54 and its two-hundred day moving average is $176.97. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $233.28. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. The firm has a market capitalization of $49.46 billion, a price-to-earnings ratio of 26.79, a PEG ratio of 1.00 and a beta of 0.88.

Targa Resources (NYSE:TRGP) last announced its quarterly 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. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.12 billion. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

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

Analyst Ratings Changes

Several research firms recently commented on TRGP. The Goldman Sachs Group reissued a “buy” rating and issued a $242.00 price objective on shares of Targa Resources in a research note on Friday, February 20th. Stifel Nicolaus lifted their target price on shares of Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Citigroup increased their target price on shares of Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a research report on Tuesday. Royal Bank Of Canada raised their price target on shares of Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. Finally, Morgan Stanley restated an “overweight” rating and set a $266.00 price target on shares of Targa Resources in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.50.

Insider Buying and Selling

In related news, insider Gerald R. Shrader sold 2,750 shares of the business’s 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 sale, the insider directly owned 29,561 shares in the company, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $6,790,611.08. Following the completion of the transaction, the president directly owned 235,260 shares in the company, valued at $54,138,031.20. The trade was a 11.15% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 33,618 shares of company stock valued at $7,600,557. 1.34% of the stock is currently owned by insiders.

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.