Eventide Asset Management LLC Sells 99,928 Shares of Targa Resources, Inc. $TRGP

Eventide Asset Management LLC reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 22.1% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 351,400 shares of the pipeline company’s stock after selling 99,928 shares during the quarter. Targa Resources makes up 1.1% of Eventide Asset Management LLC’s holdings, making the stock its 24th largest position. Eventide Asset Management LLC owned 0.16% of Targa Resources worth $61,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Townsquare Capital LLC raised its holdings in Targa Resources by 43.7% in the first quarter. Townsquare Capital LLC now owns 5,023 shares of the pipeline company’s stock worth $1,007,000 after purchasing an additional 1,528 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. grew its position in shares of Targa Resources by 110.6% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,172 shares of the pipeline company’s stock worth $1,438,000 after buying an additional 3,767 shares during the last quarter. Vestmark Advisory Solutions Inc. raised its stake in shares of Targa Resources by 99.9% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 13,626 shares of the pipeline company’s stock worth $2,732,000 after acquiring an additional 6,811 shares in the last quarter. Horizon Investments LLC lifted its position in Targa Resources by 4.7% during the first quarter. Horizon Investments LLC now owns 3,140 shares of the pipeline company’s stock valued at $626,000 after acquiring an additional 142 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Targa Resources by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 2,135,306 shares of the pipeline company’s stock valued at $428,013,000 after acquiring an additional 37,501 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on TRGP shares. BMO Capital Markets lifted their price target on shares of Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a report on Thursday, November 6th. Royal Bank Of Canada boosted their target price on Targa Resources from $213.00 to $218.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 3rd. UBS Group reiterated a “buy” rating and issued a $228.00 price target on shares of Targa Resources in a research note on Tuesday, December 2nd. Stifel Nicolaus set a $213.00 price target on Targa Resources in a report on Thursday, November 6th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $210.57.

Insider Buying and Selling at Targa Resources

In related news, insider Gerald R. Shrader sold 2,750 shares of the firm’s stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total transaction of $498,327.50. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the transaction, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. This represents a 47.46% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.34% of the company’s stock.

Targa Resources Stock Down 1.4%

Shares of TRGP stock opened at $183.15 on Friday. The stock’s 50-day simple moving average is $165.43 and its 200-day simple moving average is $166.27. The company has a debt-to-equity ratio of 5.91, a quick ratio of 0.61 and a current ratio of 0.77. The firm has a market capitalization of $39.31 billion, a PE ratio of 24.35, a P/E/G ratio of 1.07 and a beta of 0.89. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a return on equity of 51.87% and a net margin of 9.35%.The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Equities analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Stockholders of record on Friday, October 31st were paid a $1.00 dividend. The ex-dividend date was Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.2%. Targa Resources’s dividend payout ratio is presently 53.19%.

Targa Resources Company Profile

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.