Argus Investors Counsel Inc. Sells 2,032 Shares of Targa Resources, Inc. $TRGP

Argus Investors Counsel Inc. decreased its position in Targa Resources, Inc. (NYSE:TRGP) by 19.5% during the first quarter, HoldingsChannel.com reports. The firm owned 8,375 shares of the pipeline company’s stock after selling 2,032 shares during the quarter. Targa Resources makes up approximately 1.9% of Argus Investors Counsel Inc.’s holdings, making the stock its 19th largest holding. Argus Investors Counsel Inc.’s holdings in Targa Resources were worth $2,100,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TRGP. Korea Investment CORP grew its stake in shares of Targa Resources by 37.4% during the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after purchasing an additional 70,998 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Targa Resources by 57.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares during the period. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. Eventide Asset Management LLC boosted its holdings in shares of Targa Resources by 6.9% in the third quarter. Eventide Asset Management LLC now owns 375,619 shares of the pipeline company’s stock worth $62,960,000 after buying an additional 24,219 shares during the last quarter. Finally, Hsbc Holdings PLC grew its position in Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after buying an additional 53,413 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.0%

Shares of TRGP stock opened at $258.85 on Friday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00. The company’s fifty day moving average price is $262.36 and its 200-day moving average price is $231.94. The company has a market capitalization of $55.56 billion, a price-to-earnings ratio of 26.17, a PEG ratio of 1.32 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Sell-side analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a $1.25 dividend. The ex-dividend date was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.37% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have commented on TRGP. The Goldman Sachs Group upped their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Jefferies Financial Group assumed coverage on shares of Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 price target on the stock. Mizuho boosted their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. TD Cowen upped their price objective on Targa Resources from $236.00 to $245.00 and gave the stock a “hold” rating in a research note on Monday, May 11th. Finally, Truist Financial raised their target price on Targa Resources from $285.00 to $289.00 and gave the stock a “buy” rating in a report on Tuesday, May 12th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $272.73.

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.