Hennion & Walsh Asset Management Inc. Cuts Stock Holdings in Targa Resources, Inc. $TRGP

Hennion & Walsh Asset Management Inc. lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 9.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,846 shares of the pipeline company’s stock after selling 3,592 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Targa Resources were worth $6,614,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Olistico Wealth LLC bought a new stake in Targa Resources in the 4th quarter worth about $27,000. Peoples Financial Services CORP. bought a new position in shares of Targa Resources during the 3rd quarter worth approximately $34,000. Root Financial Partners LLC purchased a new position in shares of Targa Resources in the 3rd quarter worth approximately $39,000. Avion Wealth boosted its stake in shares of Targa Resources by 475.0% in the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock worth $46,000 after buying an additional 228 shares during the last quarter. Finally, First Horizon Corp bought a new position in shares of Targa Resources in the third quarter valued at approximately $47,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

TRGP opened at $250.57 on Monday. The firm has a 50-day moving average price of $223.17 and a 200-day moving average price of $188.78. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $253.40. 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 company has a market capitalization of $53.82 billion, a price-to-earnings ratio of 29.17, a PEG ratio of 1.64 and a beta of 0.84.

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

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Stockholders of record on Friday, January 30th were given a $1.00 dividend. The ex-dividend date was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.6%. Targa Resources’s payout ratio is 46.57%.

Insider Buying and Selling

In related news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the sale, the insider owned 305,163 shares of the company’s stock, valued at approximately $73,043,815.68. This represents a 9.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, President Jennifer R. Kneale sold 29,509 shares of the firm’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total value of $6,790,611.08. Following the completion of the transaction, the president owned 235,260 shares of the company’s stock, valued at approximately $54,138,031.20. This represents a 11.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 104,929 shares of company stock valued at $24,692,134 in the last 90 days. Corporate insiders own 1.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on TRGP shares. 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 report on Monday, February 23rd. Weiss Ratings upgraded Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Stifel Nicolaus raised their target price on Targa Resources from $213.00 to $243.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Wells Fargo & Company lifted their target price on Targa Resources from $248.00 to $264.00 and gave the stock an “overweight” rating in a research note on Friday, March 13th. Finally, UBS Group boosted their price target on shares of Targa Resources from $228.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, March 24th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $252.57.

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.