Targa Resources, Inc. $TRGP Shares Sold by Catalyst Capital Advisors LLC

Catalyst Capital Advisors LLC lessened its stake in Targa Resources, Inc. (NYSE:TRGP) by 13.2% in the first quarter, Holdings Channel reports. The fund owned 151,793 shares of the pipeline company’s stock after selling 23,135 shares during the quarter. Targa Resources makes up about 0.7% of Catalyst Capital Advisors LLC’s holdings, making the stock its 26th biggest holding. Catalyst Capital Advisors LLC’s holdings in Targa Resources were worth $38,059,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of Targa Resources by 57.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares during the last quarter. Hsbc Holdings PLC lifted its position in shares of Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock worth $151,331,000 after purchasing an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY lifted its position in shares of Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock worth $57,816,000 after purchasing an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG grew its stake in Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after purchasing an additional 20,905 shares in the last quarter. Finally, Banque Pictet & Cie SA acquired a new position in Targa Resources in the fourth quarter worth about $22,919,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.37% of the company’s stock.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $283.39 on Friday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $285.56. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The business’s fifty day moving average price is $267.82 and its two-hundred day moving average price is $238.58. The firm has a market capitalization of $60.83 billion, a PE ratio of 28.65, a P/E/G ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts expect that Targa Resources, Inc. will post 10.74 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources’s payout ratio is presently 50.56%.

Analyst Ratings Changes

Several brokerages have issued reports on TRGP. Morgan Stanley upped their price objective on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Wells Fargo & Company upped their price target on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Erste Group Bank initiated coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating for the company. Finally, UBS Group reissued a “buy” rating and set a $318.00 target price on shares of Targa Resources in a report on Thursday, July 9th. Seventeen investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $285.93.

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.