Targa Resources Corp. (NYSE:TRGP) Stake Decreased by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC cut its position in shares of Targa Resources Corp. (NYSE:TRGP) by 2.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,164,518 shares of the pipeline company’s stock after selling 53,048 shares during the period. Targa Resources makes up 13.7% of Chickasaw Capital Management LLC’s portfolio, making the stock its largest holding. Chickasaw Capital Management LLC owned about 0.99% of Targa Resources worth $320,370,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Strategic Investment Solutions Inc. IL purchased a new stake in Targa Resources in the 2nd quarter valued at about $29,000. UMB Bank n.a. grew its stake in Targa Resources by 2,220.0% in the second quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after purchasing an additional 222 shares in the last quarter. Whittier Trust Co. purchased a new position in Targa Resources during the 2nd quarter worth $44,000. Register Financial Advisors LLC bought a new stake in Targa Resources during the 1st quarter valued at $45,000. Finally, Quarry LP bought a new stake in Targa Resources during the 4th quarter valued at $50,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TRGP has been the subject of a number of research reports. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Scotiabank lifted their price objective 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. Argus upgraded Targa Resources to a “strong-buy” rating in a report on Tuesday, September 3rd. JPMorgan Chase & Co. lifted their target price on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research note on Tuesday, July 2nd. Finally, Truist Financial lifted their price objective on shares of Targa Resources from $125.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Twelve equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $141.77.

Insider Buying and Selling

In other news, CAO Julie H. Boushka sold 1,213 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Julie H. Boushka sold 12,641 shares of the stock in a transaction dated Thursday, August 8th. The stock was sold at an average price of $134.50, for a total transaction of $1,700,214.50. Following the transaction, the chief accounting officer now owns 38,403 shares of the company’s stock, valued at approximately $5,165,203.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Julie H. Boushka sold 1,213 shares of Targa Resources stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares of the company’s stock, valued at approximately $6,898,969.14. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 175,534 shares of company stock worth $26,815,021. Company insiders own 1.39% of the company’s stock.

Targa Resources Price Performance

TRGP stock traded up $3.24 during trading on Friday, hitting $165.76. The stock had a trading volume of 2,355,097 shares, compared to its average volume of 1,654,912. The company’s 50-day moving average price is $147.41 and its two-hundred day moving average price is $130.36. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $166.07. The stock has a market capitalization of $36.75 billion, a P/E ratio of 34.11, a PEG ratio of 1.29 and a beta of 2.25. The company has a debt-to-equity ratio of 2.98, a current ratio of 0.65 and a quick ratio of 0.53.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.12. The business had revenue of $3.56 billion during the quarter, compared to analysts’ expectations 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 business earned $1.44 earnings per share. As a group, research analysts predict that Targa Resources Corp. will post 5.9 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Thursday, October 31st. Targa Resources’s payout ratio is presently 61.73%.

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.