Targa Resources Corp. (NYSE:TRGP) Shares Sold by Chickasaw Capital Management LLC

Chickasaw Capital Management LLC lowered its position in Targa Resources Corp. (NYSE:TRGP) by 16.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,797,757 shares of the pipeline company’s stock after selling 366,761 shares during the quarter. Targa Resources comprises approximately 13.0% of Chickasaw Capital Management LLC’s investment portfolio, making the stock its biggest holding. Chickasaw Capital Management LLC’s holdings in Targa Resources were worth $320,900,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Buckley Wealth Management LLC increased its stake in shares of Targa Resources by 0.7% during the third quarter. Buckley Wealth Management LLC now owns 9,925 shares of the pipeline company’s stock valued at $1,469,000 after acquiring an additional 65 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Targa Resources by 0.9% in the third quarter. Coldstream Capital Management Inc. now owns 7,685 shares of the pipeline company’s stock valued at $1,153,000 after buying an additional 66 shares during the period. Massmutual Trust Co. FSB ADV boosted its stake in Targa Resources by 9.8% during the third quarter. Massmutual Trust Co. FSB ADV now owns 934 shares of the pipeline company’s stock valued at $138,000 after buying an additional 83 shares in the last quarter. Prime Capital Investment Advisors LLC raised its position in Targa Resources by 4.0% in the third quarter. Prime Capital Investment Advisors LLC now owns 2,172 shares of the pipeline company’s stock worth $321,000 after acquiring an additional 84 shares in the last quarter. Finally, Huntington National Bank lifted its holdings in Targa Resources by 22.9% in the 3rd quarter. Huntington National Bank now owns 478 shares of the pipeline company’s stock valued at $71,000 after acquiring an additional 89 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

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 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 in the company, valued at approximately $6,703,175.82. The trade was a 8.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider D. Scott Pryor sold 30,000 shares of the stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $190.33, for a total value of $5,709,900.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.39% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. UBS Group increased their target price on shares of Targa Resources from $182.00 to $246.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Truist Financial cut their target price on Targa Resources from $225.00 to $220.00 and set a “buy” rating on the stock in a research report on Friday, December 13th. Morgan Stanley lifted their price target on Targa Resources from $173.00 to $202.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Stifel Nicolaus lifted their price objective on shares of Targa Resources from $190.00 to $224.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Finally, Bank of America began coverage on Targa Resources in a research report on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. One equities research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $181.43.

Targa Resources Stock Performance

NYSE:TRGP traded up $1.47 during mid-day trading on Tuesday, hitting $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 12 month low of $81.03 and a 12 month high of $209.87. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The firm has a market capitalization of $40.92 billion, a price-to-earnings ratio of 33.93, a price-to-earnings-growth ratio of 0.73 and a beta of 2.30. The firm has a 50 day moving average of $187.15 and a two-hundred day moving average of $159.48.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Tuesday, November 5th. The pipeline company reported $1.75 EPS for the quarter, topping analysts’ consensus estimates of $1.58 by $0.17. The company had revenue of $3.85 billion during the quarter, compared to the consensus estimate of $4.24 billion. Targa Resources had a return on equity of 27.59% and a net margin of 7.65%. During the same quarter last year, the company earned $0.97 EPS. On average, equities analysts forecast that Targa Resources Corp. will post 6.26 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

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

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.