Aventail Capital Group LP Has $33.69 Million Stock Holdings in Targa Resources, Inc. $TRGP

Aventail Capital Group LP trimmed its position in Targa Resources, Inc. (NYSE:TRGP) by 50.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 201,078 shares of the pipeline company’s stock after selling 201,078 shares during the quarter. Targa Resources makes up 1.6% of Aventail Capital Group LP’s portfolio, making the stock its 20th biggest position. Aventail Capital Group LP’s holdings in Targa Resources were worth $33,689,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Alps Advisors Inc. boosted its stake in shares of Targa Resources by 5.5% in the 3rd quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock valued at $24,110,000 after purchasing an additional 7,497 shares during the last quarter. Commonwealth Equity Services LLC raised its stake in shares of Targa Resources by 137.9% during the third quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after buying an additional 38,626 shares during the last quarter. Korea Investment CORP raised its stake in shares of Targa Resources by 37.4% during the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock worth $43,688,000 after buying an additional 70,998 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT lifted its holdings in Targa Resources by 2.4% in the third quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock valued at $114,313,000 after buying an additional 16,000 shares during the period. Finally, Envestnet Asset Management Inc. grew its holdings in Targa Resources by 5.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock worth $81,167,000 after acquiring an additional 22,969 shares during the period. 92.13% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TRGP. TD Cowen increased their price target on Targa Resources from $192.00 to $220.00 and gave the company a “hold” rating in a research note on Monday, February 23rd. UBS Group reaffirmed a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Tuesday, February 24th. Citigroup increased their target price on Targa Resources from $200.00 to $262.00 and gave the company a “buy” rating in a research note on Tuesday, February 24th. Finally, Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $241.93.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 1,359 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $229.30, for a total transaction of $311,618.70. Following the sale, the director owned 77,094 shares of the company’s stock, valued at $17,677,654.20. This trade represents a 1.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider D. Scott Pryor sold 17,500 shares of Targa Resources stock in a transaction dated Wednesday, February 25th. The shares were sold at an average price of $228.92, for a total value of $4,006,100.00. Following the transaction, the insider owned 31,938 shares in the company, valued at $7,311,246.96. This trade represents a 35.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 104,929 shares of company stock valued at $24,692,134 over the last 90 days. Insiders own 1.34% of the company’s stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $240.24 on Friday. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $250.00. The firm has a market capitalization of $51.64 billion, a price-to-earnings ratio of 27.97, a price-to-earnings-growth ratio of 1.57 and a beta of 0.84. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The firm has a fifty day moving average of $210.59 and a 200-day moving average of $183.18.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The business had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, equities research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, January 30th. Targa Resources’s dividend payout ratio is 46.57%.

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.