Targa Resources, Inc. $TRGP Position Cut by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC reduced its holdings in Targa Resources, Inc. (NYSE:TRGP) by 4.0% during the 3rd quarter, Holdings Channel reports. The fund owned 109,992 shares of the pipeline company’s stock after selling 4,591 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Targa Resources were worth $18,428,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Peoples Financial Services CORP. bought a new stake in shares of Targa Resources during the third quarter valued at about $34,000. Root Financial Partners LLC bought a new position in Targa Resources in the 3rd quarter valued at about $39,000. Avion Wealth increased its stake in Targa Resources by 475.0% during the 3rd quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after buying an additional 228 shares during the period. First Horizon Corp acquired a new position in Targa Resources during the 3rd quarter valued at about $47,000. Finally, Elevation Point Wealth Partners LLC bought a new stake in shares of Targa Resources during the 2nd quarter worth about $53,000. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on TRGP. Wells Fargo & Company increased their price objective on shares of Targa Resources from $248.00 to $264.00 and gave the company an “overweight” rating in a report on Friday. Royal Bank Of Canada raised their price objective on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research note on Friday, February 27th. TD Cowen upped their target price on Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research report on Monday, February 23rd. Weiss Ratings raised Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, January 29th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $242.00 price target on shares of Targa Resources in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of “Moderate Buy” and an average price target of $241.93.

Insider Activity at Targa Resources

In other news, insider D. Scott Pryor sold 17,500 shares of the firm’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the sale, the insider directly owned 31,938 shares of the company’s stock, valued at $7,311,246.96. This trade represents a 35.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert Muraro sold 24,589 shares of Targa Resources stock in a transaction on Thursday, March 5th. The stock was sold at an average price of $241.34, for a total value of $5,934,309.26. Following the completion of the transaction, the insider owned 197,401 shares in the company, valued at $47,640,757.34. The trade was a 11.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 104,929 shares of company stock worth $24,692,134. 1.34% of the stock is owned by corporate insiders.

Targa Resources Stock Performance

Shares of TRGP opened at $239.26 on Tuesday. The firm’s 50 day moving average is $211.70 and its 200-day moving average is $183.82. The stock has a market capitalization of $51.43 billion, a P/E ratio of 27.85, a P/E/G ratio of 1.57 and a beta of 0.84. The company has a debt-to-equity ratio of 5.21, a current ratio of 0.67 and a quick ratio of 0.55. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $250.00.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, February 19th. The pipeline company reported $2.51 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $4.12 billion. Equities research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a $1.00 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio is currently 46.57%.

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.