Eventide Asset Management LLC Has $62.96 Million Stock Position in Targa Resources, Inc. $TRGP

Eventide Asset Management LLC grew its stake in Targa Resources, Inc. (NYSE:TRGP) by 6.9% during the 3rd quarter, HoldingsChannel reports. The firm owned 375,619 shares of the pipeline company’s stock after acquiring an additional 24,219 shares during the quarter. Targa Resources makes up approximately 1.0% of Eventide Asset Management LLC’s holdings, making the stock its 24th biggest holding. Eventide Asset Management LLC’s holdings in Targa Resources were worth $62,960,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of TRGP. Peoples Financial Services CORP. acquired a new stake in Targa Resources in the 3rd quarter valued at $34,000. Root Financial Partners LLC acquired a new position in Targa Resources during the third quarter worth $39,000. Avion Wealth lifted its holdings in shares of Targa Resources by 475.0% during the third quarter. Avion Wealth now owns 276 shares of the pipeline company’s stock valued at $46,000 after acquiring an additional 228 shares during the period. First Horizon Corp bought a new position in shares of Targa Resources during the third quarter valued at $47,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Targa Resources in the 2nd quarter valued at $53,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TRGP has been the subject of a number of recent analyst reports. UBS Group reiterated a “buy” rating on shares of Targa Resources in a research report on Friday, January 9th. TD Cowen upped their price objective on shares of Targa Resources from $192.00 to $220.00 and gave the stock a “hold” rating in a research note on Monday, February 23rd. The Goldman Sachs Group reiterated a “buy” rating and issued a $242.00 target price on shares of Targa Resources in a research note on Friday, February 20th. Morgan Stanley boosted their target price on Targa Resources from $266.00 to $298.00 and gave the stock an “overweight” rating in a report on Tuesday, March 3rd. Finally, Royal Bank Of Canada raised their price target on Targa Resources from $218.00 to $260.00 and gave the company an “outperform” rating in a report on Friday, February 27th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $241.93.

Insider Activity

In other news, insider D. Scott Pryor sold 17,500 shares of the business’s stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $228.92, for a total transaction of $4,006,100.00. Following the completion of the sale, the insider owned 31,938 shares in the company, valued at $7,311,246.96. The trade was a 35.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Robert Muraro sold 24,589 shares of the company’s stock in a transaction on Thursday, March 5th. The shares were sold at an average price of $241.34, for a total value of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. This trade represents a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 104,929 shares of company stock worth $24,692,134. 1.34% of the stock is owned by company insiders.

Targa Resources Trading Up 0.9%

TRGP opened at $240.24 on Friday. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $250.00. The stock has a market capitalization of $51.64 billion, a PE ratio of 27.97, a PEG ratio of 1.57 and a beta of 0.84. The company has a current ratio of 0.67, a quick ratio of 0.55 and a debt-to-equity ratio of 5.21. The firm has a 50-day moving average price of $210.59 and a two-hundred day moving average price of $183.18.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, February 19th. The pipeline company reported $2.51 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.35 by $0.16. Targa Resources had a net margin of 10.88% and a return on equity of 65.48%. The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.12 billion. As a group, equities analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $4.00 annualized dividend and a yield of 1.7%. Targa Resources’s dividend payout ratio is currently 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.