HITE Hedge Asset Management LLC Decreases Position in Targa Resources Corp. (NYSE:TRGP)

HITE Hedge Asset Management LLC lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 55.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 114,513 shares of the pipeline company’s stock after selling 143,919 shares during the quarter. Targa Resources makes up approximately 1.4% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 18th biggest holding. HITE Hedge Asset Management LLC owned 0.05% of Targa Resources worth $14,747,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of TRGP. Zurich Insurance Group Ltd FI bought a new stake in Targa Resources in the 2nd quarter valued at about $72,345,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in shares of Targa Resources by 60.7% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 40,489 shares of the pipeline company’s stock worth $5,214,000 after purchasing an additional 15,288 shares in the last quarter. Xponance Inc. raised its position in shares of Targa Resources by 0.4% in the second quarter. Xponance Inc. now owns 48,956 shares of the pipeline company’s stock valued at $6,305,000 after purchasing an additional 216 shares during the period. Bank of Montreal Can lifted its stake in shares of Targa Resources by 1.3% during the 2nd quarter. Bank of Montreal Can now owns 342,717 shares of the pipeline company’s stock valued at $44,509,000 after buying an additional 4,234 shares in the last quarter. Finally, Evergreen Capital Management LLC bought a new position in Targa Resources in the 2nd quarter worth approximately $243,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 0.6 %

Shares of NYSE TRGP opened at $156.49 on Wednesday. The firm’s fifty day moving average is $141.85 and its 200 day moving average is $126.32. Targa Resources Corp. has a 52 week low of $77.97 and a 52 week high of $157.68. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The company has a market cap of $34.28 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 1.23 and a beta of 2.26.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion during the quarter, compared to the consensus estimate of $4.33 billion. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. During the same period in the prior year, the firm posted $1.44 earnings per share. On average, equities research analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Wednesday, July 31st. Targa Resources’s payout ratio is 61.73%.

Insider Activity at Targa Resources

In other Targa Resources news, insider Robert Muraro sold 9,900 shares of the company’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $130.31, for a total value of $1,290,069.00. Following the completion of the transaction, the insider now directly owns 186,951 shares in the company, valued at approximately $24,361,584.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total transaction of $160,140.26. Following the sale, the chief accounting officer now owns 52,257 shares in the company, valued at approximately $6,898,969.14. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Robert Muraro sold 9,900 shares of Targa Resources stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $130.31, for a total transaction of $1,290,069.00. Following the transaction, the insider now directly owns 186,951 shares of the company’s stock, valued at $24,361,584.81. The disclosure for this sale can be found here. Insiders have sold a total of 35,434 shares of company stock worth $4,775,590 over the last quarter. Corporate insiders own 1.39% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of analyst reports. Scotiabank boosted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a report on Wednesday, July 17th. UBS Group boosted their price objective on Targa Resources from $116.00 to $147.00 and gave the company a “buy” rating in a research note on Tuesday, June 11th. Barclays raised their target price on Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Truist Financial raised their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Wells Fargo & Company upped their target price on shares of Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Buy” and an average target price of $141.77.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.