Sanders Morris Harris LLC Reduces Holdings in Targa Resources, Inc. $TRGP

Sanders Morris Harris LLC lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 81.0% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 800 shares of the pipeline company’s stock after selling 3,400 shares during the quarter. Sanders Morris Harris LLC’s holdings in Targa Resources were worth $215,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of TRGP. PNC Financial Services Group Inc. lifted its position in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock valued at $6,421,000 after acquiring an additional 12,640 shares in the last quarter. Hsbc Holdings PLC increased its position in Targa Resources by 7.0% during the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY raised its stake in Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after purchasing an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG raised its stake in Targa Resources by 164.1% in the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after purchasing an additional 20,905 shares during the last quarter. Finally, Ninety One UK Ltd lifted its holdings in Targa Resources by 12.6% in the 4th quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock valued at $18,031,000 after purchasing an additional 10,946 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.37% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a report on Thursday, July 2nd. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Erste Group Bank began coverage on Targa Resources in a research note on Thursday, June 25th. They set a “buy” rating on the stock. Morgan Stanley restated an “overweight” rating and set a $333.00 price objective on shares of Targa Resources in a report on Tuesday, July 21st. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $310.00 target price on shares of Targa Resources in a research report on Tuesday, July 21st. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $288.00.

Targa Resources Stock Down 1.3%

Shares of NYSE TRGP opened at $259.64 on Thursday. The company has a market cap of $55.73 billion, a P/E ratio of 26.25, a P/E/G ratio of 1.33 and a beta of 0.72. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $291.04. The stock has a fifty day moving average price of $268.70 and a 200 day moving average price of $247.29. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Research analysts anticipate that Targa Resources, Inc. will post 10.84 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Targa Resources 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.