Targa Resources, Inc. $TRGP Shares Sold by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP) by 13.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 28,874 shares of the pipeline company’s stock after selling 4,320 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Targa Resources were worth $7,742,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its stake in shares of Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after buying an additional 91 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Targa Resources during the fourth quarter worth about $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the fourth quarter valued at approximately $30,000. Global Assets Advisory LLC purchased a new position in Targa Resources during the first quarter valued at approximately $41,000. Finally, Leonteq Securities AG acquired a new position in Targa Resources in the fourth quarter valued at approximately $31,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the 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 transaction, the director directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Stock Down 4.1%

Shares of TRGP opened at $257.25 on Friday. The firm has a market cap of $55.22 billion, a P/E ratio of 24.59, a PEG ratio of 1.30 and a beta of 0.72. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04. The stock’s 50 day moving average is $268.84 and its two-hundred day moving average is $247.93. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 73.14% and a net margin of 13.55%.The firm had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Analysts predict that Targa Resources, Inc. will post 10.92 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. Shareholders of record on Friday, July 31st will be given a dividend of $1.25 per share. The ex-dividend date is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. Targa Resources’s dividend payout ratio is currently 50.56%.

Key Targa Resources News

Here are the key news stories impacting Targa Resources this week:

• Positive Sentiment: Strong Q2 earnings and guidance: Targa reported adjusted EBITDA of $1.603 billion, up 38% year over year, while EPS of $3.54 exceeded the $2.83 consensus estimate. Management now expects full-year adjusted EBITDA toward the high end of its $5.7 billion–$5.9 billion range. Reuters article
• Positive Sentiment: Volume growth and project execution: Record Permian inlet volumes, NGL transportation, fractionation and LPG exports supported results. Targa also brought its Train 11 fractionator, Delaware Express expansion and East Driver processing plant online, with East Driver starting ahead of schedule.
• Positive Sentiment: Shareholder returns and analyst support: Targa raised its quarterly dividend 25% to $1.25 per share and repurchased $80 million of stock. Wells Fargo raised its price target to $282 and assigned an “overweight” rating; TD Cowen lifted its target to $275, although it maintained a “hold” rating. Benzinga article
• Neutral Sentiment: Revenue performance was mixed: Quarterly revenue rose 4% to $4.44 billion but fell short of the $4.90 billion analyst forecast. Lower natural-gas prices and unfavorable hedge impacts limited commodity-sales growth, while higher fee-based midstream revenue helped offset the weakness.
• Negative Sentiment: Commodity and balance-sheet risks remain: Negative Waha natural-gas prices in the Permian, higher operating and depreciation expenses, approximately $19.6 billion of debt and planned 2026 growth capital spending of about $4.5 billion may concern investors. The stock’s recent decline suggests the strong earnings beat and guidance raise were not enough to overcome those concerns.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. TD Cowen upped their price objective on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research report on Friday. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $310.00 target price on shares of Targa Resources in a report on Tuesday, July 21st. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Erste Group Bank assumed coverage on shares of Targa Resources in a report on Thursday, June 25th. They set a “buy” rating on the stock. Finally, The Goldman Sachs Group raised their price target on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Targa Resources currently has a consensus rating of “Buy” and an average price target of $295.24.

About Targa Resources

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.