SCP Investment LP Sells 1,800 Shares of Targa Resources, Inc. $TRGP

SCP Investment LP cut its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 20.7% during the 2nd quarter, Holdings Channel reports. The firm owned 6,888 shares of the pipeline company’s stock after selling 1,800 shares during the quarter. Targa Resources comprises 1.0% of SCP Investment LP’s portfolio, making the stock its 17th biggest holding. SCP Investment LP’s holdings in Targa Resources were worth $1,199,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Disciplina Capital Management LLC bought a new position in shares of Targa Resources during the first quarter worth approximately $46,000. Hilltop National Bank acquired a new position in Targa Resources in the 2nd quarter valued at $63,000. Private Trust Co. NA increased its position in Targa Resources by 57.1% during the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after buying an additional 173 shares during the period. Wolff Wiese Magana LLC increased its position in Targa Resources by 61.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock worth $84,000 after buying an additional 183 shares during the period. Finally, MTM Investment Management LLC acquired a new stake in shares of Targa Resources during the second quarter worth $98,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on TRGP. The Goldman Sachs Group lowered their price target on shares of Targa Resources from $189.00 to $188.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Wall Street Zen lowered shares of Targa Resources from a “buy” rating to a “hold” rating in a research report on Saturday, November 8th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research report on Wednesday, October 8th. Wells Fargo & Company reissued an “overweight” rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, BMO Capital Markets raised their price objective on Targa Resources from $185.00 to $196.00 and gave the stock an “outperform” rating in a research note on Thursday, November 6th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $210.21.

Insider Activity at Targa Resources

In related news, insider D. Scott Pryor sold 20,000 shares of the business’s stock in a transaction on Friday, November 14th. The shares were sold at an average price of $172.21, for a total value of $3,444,200.00. Following the sale, the insider owned 22,139 shares of the company’s stock, valued at $3,812,557.19. The trade was a 47.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 1.34% of the company’s stock.

Targa Resources Trading Up 1.3%

Shares of TRGP stock opened at $173.28 on Thursday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $218.51. The stock’s fifty day simple moving average is $162.83 and its 200 day simple moving average is $165.03. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $37.20 billion, a P/E ratio of 24.51, a P/E/G ratio of 0.91 and a beta of 1.16.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. As a group, sell-side analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 17th. Shareholders of record on Friday, October 31st were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date was Friday, October 31st. Targa Resources’s dividend payout ratio is 53.19%.

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.