Targa Resources, Inc. (NYSE:TRGP) Shares Sold by Pinnacle Financial Partners Inc

Pinnacle Financial Partners Inc lessened its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,859 shares of the pipeline company’s stock after selling 111 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Targa Resources were worth $573,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Targa Resources by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock worth $4,848,169,000 after purchasing an additional 150,038 shares during the last quarter. Geode Capital Management LLC lifted its position in Targa Resources by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock worth $1,056,187,000 after buying an additional 212,986 shares during the period. Norges Bank acquired a new stake in Targa Resources in the 4th quarter worth about $505,132,000. Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 2.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after buying an additional 53,853 shares during the last quarter. Finally, GQG Partners LLC purchased a new stake in Targa Resources in the 4th quarter valued at about $393,335,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent analyst reports. Scotiabank increased their price objective on shares of Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a report on Thursday, June 5th. Citigroup dropped their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research report on Friday, May 9th. The Goldman Sachs Group decreased their price target on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a report on Monday, May 5th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. Finally, UBS Group cut their target price on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, May 15th. Twelve research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $209.67.

Targa Resources Trading Down 0.1%

NYSE:TRGP opened at $173.52 on Friday. The company has a market cap of $37.64 billion, a PE ratio of 31.96, a P/E/G ratio of 0.62 and a beta of 1.07. The business’s 50 day moving average is $166.46 and its two-hundred day moving average is $182.21. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 52 week low of $122.56 and a 52 week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The firm had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is presently 73.66%.

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.