CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Sells 108,150 Shares of Targa Resources Corp. (NYSE:TRGP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT cut its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 13.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 672,711 shares of the pipeline company’s stock after selling 108,150 shares during the period. Targa Resources makes up approximately 7.9% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s investment portfolio, making the stock its 2nd largest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Targa Resources were worth $120,079,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its holdings in Targa Resources by 4.4% during 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 buying an additional 633,589 shares during the last quarter. National Bank of Canada FI raised its position in shares of Targa Resources by 75.4% in the 3rd quarter. National Bank of Canada FI now owns 604,112 shares of the pipeline company’s stock valued at $89,413,000 after acquiring an additional 259,776 shares during the period. Robeco Institutional Asset Management B.V. boosted its stake in Targa Resources by 599.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 287,950 shares of the pipeline company’s stock worth $42,619,000 after acquiring an additional 246,762 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Targa Resources by 14,163.5% during the third quarter. International Assets Investment Management LLC now owns 204,254 shares of the pipeline company’s stock valued at $30,232,000 after purchasing an additional 202,822 shares during the period. Finally, Worldquant Millennium Advisors LLC increased its stake in Targa Resources by 1,904.8% in the third quarter. Worldquant Millennium Advisors LLC now owns 199,958 shares of the pipeline company’s stock valued at $29,596,000 after purchasing an additional 189,984 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 1.1 %

Shares of TRGP stock opened at $209.10 on Friday. The firm’s fifty day moving average price is $193.20 and its two-hundred day moving average price is $165.75. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 1 year low of $84.00 and a 1 year high of $218.51. The firm has a market capitalization of $45.60 billion, a P/E ratio of 37.81, a PEG ratio of 0.63 and a beta of 2.30.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 earnings per share 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 company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $4.24 billion. During the same quarter last year, the company earned $0.97 EPS. On average, equities analysts predict that Targa Resources Corp. will post 6.42 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be paid a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.43%. The ex-dividend date of this dividend is Friday, January 31st. Targa Resources’s dividend payout ratio is currently 54.25%.

Insider Activity

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

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of recent analyst reports. Scotiabank assumed coverage on shares of Targa Resources in a research report on Friday, January 10th. They set a “sector outperform” rating and a $218.00 price target on the stock. Barclays lifted their target price on Targa Resources from $171.00 to $204.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. US Capital Advisors downgraded Targa Resources from a “moderate buy” rating to a “hold” rating in a report on Tuesday, November 26th. Truist Financial cut their price objective on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Wells Fargo & Company raised their target price on shares of Targa Resources from $190.00 to $204.00 and gave the stock an “overweight” rating in a report on Wednesday, December 18th. 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 company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $189.21.

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.