Covalis Capital LLP Sells 6,311 Shares of Targa Resources, Inc. $TRGP

Covalis Capital LLP cut its position in Targa Resources, Inc. (NYSE:TRGP) by 24.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 19,068 shares of the pipeline company’s stock after selling 6,311 shares during the quarter. Covalis Capital LLP’s holdings in Targa Resources were worth $3,319,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Disciplina Capital Management LLC bought a new stake in Targa Resources during the first quarter worth $46,000. Hilltop National Bank acquired a new position in shares of Targa Resources during the 2nd quarter worth $63,000. Private Trust Co. NA lifted its position in shares of Targa Resources by 57.1% during the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after buying an additional 173 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in shares of Targa Resources by 61.0% during the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock worth $84,000 after buying an additional 183 shares during the last quarter. Finally, MTM Investment Management LLC acquired a new stake in Targa Resources in the second quarter valued at about $98,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $170.36 on Friday. The company has a market capitalization of $36.57 billion, a P/E ratio of 24.10, a PEG ratio of 0.91 and a beta of 1.16. The company has a fifty day moving average price of $162.40 and a 200-day moving average price of $164.78. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The company had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, equities analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 17th. Investors of record on Friday, October 31st were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.3%. The ex-dividend date of this dividend was Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

Insider Buying and Selling

In other Targa Resources news, insider D. Scott Pryor sold 20,000 shares of the stock in a transaction that occurred on Friday, November 14th. The shares were sold at an average price of $172.21, for a total transaction of $3,444,200.00. Following the completion of the sale, the insider owned 22,139 shares of the company’s stock, valued at approximately $3,812,557.19. This represents a 47.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Royal Bank Of Canada increased their target price on shares of Targa Resources from $208.00 to $213.00 and gave the stock an “outperform” rating in a report on Tuesday, November 18th. BMO Capital Markets raised their target price on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Stifel Nicolaus set a $213.00 price target on Targa Resources in a research note on Thursday, November 6th. Finally, Scotiabank cut their price objective on Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a report on Thursday, November 13th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $210.21.

Targa Resources Company Profile

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.