Hennion & Walsh Asset Management Inc. Sells 3,592 Shares of Targa Resources, Inc. $TRGP

Hennion & Walsh Asset Management Inc. cut its position in Targa Resources, Inc. (NYSE:TRGP) by 9.1% during the 4th quarter, HoldingsChannel.com reports. The firm owned 35,846 shares of the pipeline company’s stock after selling 3,592 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Targa Resources were worth $6,614,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Alps Advisors Inc. boosted its stake in Targa Resources by 5.5% during the third quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company’s stock valued at $24,110,000 after buying an additional 7,497 shares during the period. Korea Investment CORP grew its position in Targa Resources by 37.4% during the third quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company’s stock worth $43,688,000 after buying an additional 70,998 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in Targa Resources by 137.9% in the 3rd quarter. Commonwealth Equity Services LLC now owns 66,636 shares of the pipeline company’s stock worth $11,164,000 after acquiring an additional 38,626 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its stake in Targa Resources by 2.4% in the 3rd quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 682,300 shares of the pipeline company’s stock worth $114,313,000 after acquiring an additional 16,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its holdings in shares of Targa Resources by 5.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company’s stock valued at $81,167,000 after acquiring an additional 22,969 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Insider Activity at Targa Resources

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the company’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the transaction, the insider owned 305,163 shares of the company’s stock, valued at $73,043,815.68. This represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, President Jennifer R. Kneale sold 29,509 shares of the stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $230.12, for a total value of $6,790,611.08. Following the completion of the sale, the president owned 235,260 shares of the company’s stock, valued at approximately $54,138,031.20. This trade represents a 11.15% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 104,929 shares of company stock worth $24,692,134 over the last 90 days. 1.34% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on TRGP. Citigroup boosted their price objective on Targa Resources from $200.00 to $262.00 and gave the stock a “buy” rating in a report on Tuesday, February 24th. Truist Financial started coverage on shares of Targa Resources in a research note on Tuesday, March 24th. They issued a “buy” rating and a $279.00 target price on the stock. Royal Bank Of Canada lifted their target price on shares of Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a research report on Friday, February 27th. Barclays reissued an “overweight” rating and issued a $226.00 price target on shares of Targa Resources in a research note on Friday, February 20th. Finally, Weiss Ratings raised shares of Targa Resources from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 29th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $252.57.

Targa Resources Trading Up 0.1%

NYSE:TRGP opened at $250.57 on Monday. The firm has a market capitalization of $53.82 billion, a P/E ratio of 29.17, a P/E/G ratio of 1.64 and a beta of 0.84. The company has a quick ratio of 0.55, a current ratio of 0.67 and a debt-to-equity ratio of 5.21. The company has a fifty day moving average of $223.17 and a 200 day moving average of $188.78. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $253.40.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.35 by $0.16. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.12 billion. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. On average, research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were paid 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 1.6%. Targa Resources’s dividend payout ratio (DPR) is presently 46.57%.

Targa Resources Company 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.