Sicart Associates LLC Sells 516 Shares of Targa Resources Corp. (NYSE:TRGP)

by · The Cerbat Gem

Sicart Associates LLC cut its holdings in shares of Targa Resources Corp. (NYSE:TRGP – Free Report) by 0.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,351 shares of the pipeline company’s stock after selling 516 shares during the quarter. Targa Resources comprises 2.8% of Sicart Associates LLC’s investment portfolio, making the stock its 13th largest holding. Sicart Associates LLC’s holdings in Targa Resources were worth $8,044,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. RBA Wealth Management LLC increased its position in shares of Targa Resources by 2.8% during the 1st quarter. RBA Wealth Management LLC now owns 26,302 shares of the pipeline company’s stock worth $2,946,000 after purchasing an additional 721 shares in the last quarter. Mezzasalma Advisors LLC raised its position in Targa Resources by 338.6% in the 1st quarter. Mezzasalma Advisors LLC now owns 11,395 shares of the pipeline company’s stock valued at $1,276,000 after purchasing an additional 8,797 shares during the last quarter. Maryland State Retirement & Pension System grew its holdings in shares of Targa Resources by 1.5% during the first quarter. Maryland State Retirement & Pension System now owns 207,578 shares of the pipeline company’s stock worth $23,247,000 after purchasing an additional 3,015 shares during the last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Targa Resources by 59.1% in the first quarter. Sequoia Financial Advisors LLC now owns 6,410 shares of the pipeline company’s stock valued at $718,000 after buying an additional 2,380 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Targa Resources by 15.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 612,735 shares of the pipeline company’s stock valued at $68,620,000 after buying an additional 79,832 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Insider Activity

In related news, Director Joe Bob Perkins sold 150,000 shares of the stock in a transaction dated Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Joe Bob Perkins sold 150,000 shares of the business’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total value of $23,329,500.00. Following the sale, the director now directly owns 110,470 shares in the company, valued at approximately $17,181,399.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Gerald R. Shrader sold 3,000 shares of the company’s stock in a transaction that occurred 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 $4,027,784.18. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,534 shares of company stock valued at $26,815,021 over the last three months. Corporate insiders own 1.44% of the company’s stock.

Targa Resources Stock Down 0.6 %

Shares of TRGP traded down $1.06 on Tuesday, reaching $163.66. The company’s stock had a trading volume of 370,710 shares, compared to its average volume of 1,647,595. The stock has a market capitalization of $35.85 billion, a PE ratio of 34.67, a PEG ratio of 1.29 and a beta of 2.25. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. Targa Resources Corp. has a twelve month low of $81.03 and a twelve month high of $169.92. The firm has a fifty day moving average of $153.38 and a 200-day moving average of $134.52.

Targa Resources (NYSE:TRGP – Get Free Report) last posted its earnings results on Thursday, August 1st. The pipeline company reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.12. Targa Resources had a net margin of 6.60% and a return on equity of 23.98%. The firm had revenue of $3.56 billion during the quarter, compared to analyst estimates of $4.33 billion. During the same quarter in the prior year, the business posted $1.44 EPS. Equities analysts predict that Targa Resources Corp. will post 5.92 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a $0.75 dividend. The ex-dividend date is Thursday, October 31st. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.83%. Targa Resources’s payout ratio is presently 63.16%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several analyst reports. Scotiabank increased their target price on Targa Resources from $128.00 to $142.00 and gave the company a “sector outperform” rating in a research note on Wednesday, July 17th. Wells Fargo & Company boosted their price target on shares of Targa Resources from $124.00 to $153.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Bank of America initiated coverage on Targa Resources in a research note on Thursday, October 17th. They issued a “buy” rating and a $182.00 target price for the company. Royal Bank of Canada raised their price target on Targa Resources from $153.00 to $172.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price objective on Targa Resources from $140.00 to $145.00 and gave the company an “overweight” rating in a research report on Tuesday, July 2nd. Thirteen equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $152.79.

View Our Latest Report on TRGP

About Targa Resources

(Free Report)

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.

See Also

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