KBC Group NV Cuts Position in Targa Resources, Inc. $TRGP

KBC Group NV reduced its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 20.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 112,189 shares of the pipeline company’s stock after selling 28,651 shares during the period. KBC Group NV’s holdings in Targa Resources were worth $19,530,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Allworth Financial LP boosted its holdings in Targa Resources by 22.7% during the 1st quarter. Allworth Financial LP now owns 628 shares of the pipeline company’s stock valued at $126,000 after acquiring an additional 116 shares during the period. Cerity Partners LLC increased its stake in Targa Resources by 4.4% during the first quarter. Cerity Partners LLC now owns 28,718 shares of the pipeline company’s stock worth $5,757,000 after purchasing an additional 1,209 shares during the period. CWM LLC lifted its position in shares of Targa Resources by 24.2% during the first quarter. CWM LLC now owns 8,455 shares of the pipeline company’s stock worth $1,695,000 after purchasing an additional 1,650 shares in the last quarter. Wealthfront Advisers LLC boosted its stake in shares of Targa Resources by 9.8% in the first quarter. Wealthfront Advisers LLC now owns 19,230 shares of the pipeline company’s stock valued at $3,855,000 after purchasing an additional 1,714 shares during the period. Finally, Larson Financial Group LLC grew its holdings in shares of Targa Resources by 8.5% in the first quarter. Larson Financial Group LLC now owns 1,440 shares of the pipeline company’s stock valued at $289,000 after purchasing an additional 113 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Down 0.7%

TRGP stock opened at $169.30 on Friday. The company has a market cap of $36.34 billion, a price-to-earnings ratio of 23.95, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. The company has a fifty day moving average price of $161.54 and a 200 day moving average price of $164.65. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51.

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

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.4%. The ex-dividend date is Friday, October 31st. Targa Resources’s payout ratio is 53.19%.

Wall Street Analyst Weigh In

Several research analysts recently commented on TRGP shares. JPMorgan Chase & Co. boosted their target price on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Wells Fargo & Company reissued an “overweight” rating and set a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Wall Street Zen cut shares of Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Mizuho lowered their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a report on Friday, August 29th. Finally, Stifel Nicolaus set a $213.00 price target on shares of Targa Resources in a research report on Thursday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.86.

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.