Aventail Capital Group LP Trims Stock Holdings in Targa Resources, Inc. $TRGP

Aventail Capital Group LP trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP) by 77.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,451 shares of the pipeline company’s stock after selling 155,627 shares during the period. Aventail Capital Group LP’s holdings in Targa Resources were worth $8,386,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Korea Investment CORP grew its stake in Targa Resources by 37.4% in the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock valued at $43,688,000 after buying an additional 70,998 shares in the last quarter. NFC Investments LLC purchased a new position in Targa Resources in the 3rd quarter valued at approximately $8,478,000. PNC Financial Services Group Inc. grew its stake in Targa Resources by 57.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after buying an additional 12,640 shares in the last quarter. Wellington Management Group LLP grew its stake in Targa Resources by 9.0% in the 3rd 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. Finally, Bahl & Gaynor Inc. grew its stake in Targa Resources by 26.8% in the 3rd quarter. Bahl & Gaynor Inc. now owns 1,242,347 shares of the pipeline company’s stock valued at $208,143,000 after buying an additional 262,553 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 1.37% of the stock is owned by corporate insiders.

Analyst Ratings Changes

TRGP has been the subject of a number of recent analyst reports. Truist Financial boosted their price target on shares of Targa Resources from $285.00 to $289.00 and gave the company a “buy” rating in a research report on Tuesday, May 12th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Morgan Stanley boosted their price target on shares of Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. BMO Capital Markets restated an “outperform” rating and set a $241.00 price target on shares of Targa Resources in a research report on Friday, February 20th. Finally, Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Fifteen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $269.21.

Targa Resources Stock Performance

NYSE TRGP opened at $260.71 on Thursday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The company has a market capitalization of $55.96 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.33 and a beta of 0.72. The company has a fifty day moving average of $256.38 and a 200-day moving average of $225.11.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion during 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%. As a group, equities research analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a $1.25 dividend. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s payout ratio is presently 50.56%.

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.