Chickasaw Capital Management LLC Sells 366,761 Shares of Targa Resources Corp. (NYSE:TRGP)

Chickasaw Capital Management LLC lowered its position in shares of Targa Resources Corp. (NYSE:TRGP) by 16.9% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,797,757 shares of the pipeline company’s stock after selling 366,761 shares during the quarter. Targa Resources accounts for 13.0% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its largest holding. Chickasaw Capital Management LLC owned 0.82% of Targa Resources worth $320,900,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wellington Management Group LLP raised its position in Targa Resources by 4.4% in the third quarter. Wellington Management Group LLP now owns 15,106,591 shares of the pipeline company’s stock worth $2,235,927,000 after acquiring an additional 633,589 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of Targa Resources in the 2nd quarter valued at about $72,345,000. American Century Companies Inc. lifted its stake in shares of Targa Resources by 239.1% in the second quarter. American Century Companies Inc. now owns 791,095 shares of the pipeline company’s stock valued at $101,877,000 after purchasing an additional 557,832 shares during the period. Dimensional Fund Advisors LP grew its position in Targa Resources by 13.4% during the second quarter. Dimensional Fund Advisors LP now owns 2,303,522 shares of the pipeline company’s stock worth $296,647,000 after buying an additional 271,444 shares during the period. Finally, National Bank of Canada FI increased its holdings in Targa Resources by 75.4% in the third quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after buying an additional 259,776 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 0.8 %

TRGP stock traded up $1.47 during midday trading on Tuesday, reaching $187.63. 1,031,962 shares of the company’s stock traded hands, compared to its average volume of 1,277,591. Targa Resources Corp. has a fifty-two week low of $81.03 and a fifty-two week high of $209.87. The business has a 50-day moving average price of $187.15 and a two-hundred day moving average price of $159.48. The company has a market capitalization of $40.92 billion, a P/E ratio of 33.93, a PEG ratio of 0.73 and a beta of 2.30. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61.

Targa Resources (NYSE:TRGP) last announced its earnings results on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, beating the consensus estimate of $1.58 by $0.17. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. The business had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $4.24 billion. During the same period last year, the business posted $0.97 EPS. Equities research analysts forecast that Targa Resources Corp. will post 6.26 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.60%. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, CAO Julie H. Boushka sold 3,260 shares of Targa Resources stock in a transaction on Friday, November 8th. The shares were sold at an average price of $190.74, for a total value of $621,812.40. Following the completion of the transaction, the chief accounting officer now owns 35,143 shares of the company’s stock, valued at $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $190.33, for a total transaction of $5,709,900.00. Following the sale, the insider now directly owns 82,979 shares in the company, valued at $15,793,393.07. This trade represents a 26.55 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.39% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on TRGP shares. Truist Financial lowered their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. The Goldman Sachs Group boosted their target price on shares of Targa Resources from $185.00 to $223.00 and gave the company a “buy” rating in a research note on Thursday, December 19th. Wells Fargo & Company upped their target price on shares of Targa Resources from $190.00 to $204.00 and gave the company an “overweight” rating in a report on Wednesday, December 18th. Royal Bank of Canada boosted their price objective on shares of Targa Resources from $172.00 to $199.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Finally, Stifel Nicolaus upped their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $181.43.

Targa Resources 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.