Chickasaw Capital Management LLC Sells 53,048 Shares of Targa Resources Corp. (NYSE:TRGP)

Chickasaw Capital Management LLC cut its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 2.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,164,518 shares of the pipeline company's stock after selling 53,048 shares during the quarter. Targa Resources makes up approximately 13.7% of Chickasaw Capital Management LLC's investment portfolio, making the stock its largest holding. Chickasaw Capital Management LLC owned approximately 0.99% of Targa Resources worth $320,370,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of TRGP. Price T Rowe Associates Inc. MD raised its stake in Targa Resources by 231.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,378,046 shares of the pipeline company's stock worth $119,712,000 after purchasing an additional 962,073 shares in the last quarter. Quarry LP acquired a new stake in Targa Resources during the fourth quarter worth about $50,000. V Square Quantitative Management LLC increased its holdings in Targa Resources by 26.1% in the 4th quarter. V Square Quantitative Management LLC now owns 4,635 shares of the pipeline company's stock valued at $403,000 after buying an additional 960 shares during the period. American International Group Inc. raised its position in shares of Targa Resources by 0.4% in the 4th quarter. American International Group Inc. now owns 63,044 shares of the pipeline company's stock valued at $5,477,000 after buying an additional 241 shares in the last quarter. Finally, Transcendent Capital Group LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $130,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Up 2.0 %

Targa Resources stock traded up $3.24 during trading hours on Friday, reaching $165.76. 2,355,097 shares of the company's stock were exchanged, compared to its average volume of 1,731,643. The firm's 50 day simple moving average is $147.41 and its 200 day simple moving average is $130.36. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $166.07. The company has a quick ratio of 0.53, a current ratio of 0.65 and a debt-to-equity ratio of 2.98. The firm has a market capitalization of $36.31 billion, a PE ratio of 34.90, a PEG ratio of 1.28 and a beta of 2.25.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.12. The firm had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same period in the previous year, the firm earned $1.44 earnings per share. Research analysts predict that Targa Resources Corp. will post 5.9 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.75 per share. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a yield of 1.81%. Targa Resources's dividend payout ratio (DPR) is currently 63.16%.

Insider Buying and Selling

In related news, insider Gerald R. Shrader sold 3,000 shares of the business's stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the transaction, the insider now directly owns 29,603 shares in the company, valued at approximately $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CAO Julie H. Boushka sold 1,213 shares of the business's stock in a transaction dated Tuesday, August 6th. The stock was sold at an average price of $132.02, for a total transaction of $160,140.26. Following the completion of the transaction, the chief accounting officer now directly owns 52,257 shares in the company, valued at $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the firm's stock in a transaction on Friday, August 9th. The shares were sold at an average price of $136.06, for a total transaction of $408,180.00. Following the sale, the insider now owns 29,603 shares in the company, valued at approximately $4,027,784.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 175,534 shares of company stock worth $26,815,021. 1.39% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research analyst reports. Barclays raised their target price on Targa Resources from $123.00 to $138.00 and gave the company an "overweight" rating in a report on Wednesday, July 3rd. Argus raised shares of Targa Resources to a "strong-buy" rating in a research note on Tuesday, September 3rd. Scotiabank boosted their target price on shares of Targa Resources from $128.00 to $142.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, July 17th. Wells Fargo & Company increased their price target on Targa Resources from $124.00 to $153.00 and gave the company an "overweight" rating in a research note on Monday, August 5th. Finally, Truist Financial boosted their price objective on Targa Resources from $125.00 to $150.00 and gave the stock a "buy" rating in a research report on Monday, August 5th. Twelve analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of "Buy" and a consensus target price of $141.77.

About Targa Resources

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.