Picton Mahoney Asset Management Cuts Stake in Targa Resources, Inc. $TRGP

Picton Mahoney Asset Management lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 23.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 52,866 shares of the pipeline company’s stock after selling 16,066 shares during the quarter. Picton Mahoney Asset Management’s holdings in Targa Resources were worth $8,857,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in TRGP. Peoples Financial Services CORP. acquired a new position in Targa Resources during the 3rd quarter valued at about $34,000. Root Financial Partners LLC acquired a new stake in Targa Resources in the third quarter worth about $39,000. Avion Wealth grew its stake in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after acquiring an additional 228 shares during the last quarter. First Horizon Corp acquired a new position in shares of Targa Resources during the third quarter valued at about $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Targa Resources during the second quarter valued at about $53,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $243.28 on Thursday. The firm has a market capitalization of $52.29 billion, a P/E ratio of 28.32, a PEG ratio of 1.05 and a beta of 0.84. The stock has a 50-day simple moving average of $203.26 and a two-hundred day simple moving average of $179.51. The company has a debt-to-equity ratio of 5.21, a quick ratio of 0.55 and a current ratio of 0.67. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $250.00.

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

Targa Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were paid a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 dividend on an annualized basis and a dividend yield of 1.6%. Targa Resources’s dividend payout ratio (DPR) is presently 46.57%.

Insider Activity

In other Targa Resources news, insider Gerald R. Shrader sold 2,750 shares of Targa Resources stock in a transaction on Friday, December 5th. The shares were sold at an average price of $181.21, for a total value of $498,327.50. Following the completion of the transaction, the insider owned 29,561 shares of the company’s stock, valued at approximately $5,356,748.81. The trade was a 8.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Jennifer R. Kneale sold 29,509 shares of Targa Resources stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $230.12, for a total transaction of $6,790,611.08. Following the completion of the transaction, the president directly owned 235,260 shares of the company’s stock, valued at $54,138,031.20. The trade was a 11.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 83,090 shares of company stock worth $19,256,152. 1.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently commented on TRGP. UBS Group reiterated a “buy” rating on shares of Targa Resources in a research note on Friday, January 9th. TD Cowen lifted their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. Morgan Stanley upped their target price on Targa Resources from $266.00 to $298.00 and gave the company an “overweight” rating in a research report on Tuesday. Stifel Nicolaus raised their target price on Targa Resources from $213.00 to $243.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Finally, Royal Bank Of Canada boosted their price target on Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. One 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 data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus target price of $240.79.

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.