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

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lowered its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 4.3% during the first quarter, HoldingsChannel reports. The firm owned 652,300 shares of the pipeline company’s stock after selling 29,000 shares during the quarter. Targa Resources comprises 8.1% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings, making the stock its largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Targa Resources were worth $163,551,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of TRGP. Norges Bank bought a new stake in Targa Resources during the 4th quarter worth approximately $735,758,000. Wellington Management Group LLP lifted its stake in Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after buying an additional 1,620,253 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after buying an additional 1,075,246 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Targa Resources in the third quarter valued at approximately $121,426,000. Finally, Tortoise Capital Advisors L.L.C. boosted its holdings in shares of Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after buying an additional 572,562 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.0%

TRGP stock opened at $258.85 on Monday. The company has a market cap of $55.56 billion, a price-to-earnings ratio of 26.17, a P/E/G ratio of 1.32 and a beta of 0.71. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00. The business has a 50 day moving average price of $262.36 and a two-hundred day moving average price of $232.29. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

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

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a dividend of $1.25 per share. 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 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio is presently 50.56%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on TRGP shares. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Erste Group Bank initiated coverage on shares of Targa Resources in a research report on Thursday, June 25th. They issued a “buy” rating on the stock. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a research note on Wednesday, May 27th. The Goldman Sachs Group increased their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Finally, TD Cowen lifted their price target on Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a research note on Monday, May 11th. Seventeen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $272.73.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 1.37% of the company’s stock.

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.