Energy Income Partners LLC Sells 239,199 Shares of Targa Resources, Inc. $TRGP

Energy Income Partners LLC cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 42.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 326,775 shares of the pipeline company’s stock after selling 239,199 shares during the quarter. Targa Resources makes up approximately 1.3% of Energy Income Partners LLC’s holdings, making the stock its 27th biggest holding. Energy Income Partners LLC’s holdings in Targa Resources were worth $81,932,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Targa Resources in the fourth quarter valued at approximately $735,758,000. Goldman Sachs Group Inc. grew 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 worth $607,023,000 after purchasing an additional 1,075,246 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Targa Resources during the 3rd quarter worth $121,426,000. Tortoise Capital Advisors L.L.C. increased its holdings in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after purchasing an additional 572,562 shares during the period. Finally, UniSuper Management Pty Ltd raised its position in Targa Resources by 1,811.0% during the 4th quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company’s stock valued at $81,980,000 after purchasing an additional 421,084 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

TRGP has been the subject of several research reports. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research note on Friday, May 8th. TD Cowen lifted their price objective on Targa Resources from $245.00 to $270.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Erste Group Bank began coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Finally, Citigroup reiterated a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Seventeen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Moderate Buy” and a consensus target price of $288.00.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $267.35 on Tuesday. The firm has a 50 day moving average of $269.71 and a 200 day moving average of $243.03. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company has a market capitalization of $57.38 billion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $291.04.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 12.87% and a return on equity of 71.00%. On average, sell-side analysts predict that Targa Resources, Inc. will post 10.76 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio is 50.56%.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the firm’s 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 sale, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.37% of the stock is owned by company insiders.

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.