KBC Group NV cut its position in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 64.3% in the first quarter, HoldingsChannel.com reports. The firm owned 32,249 shares of the pipeline company’s stock after selling 58,030 shares during the quarter. KBC Group NV’s holdings in Targa Resources were worth $8,086,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the company. PNC Financial Services Group Inc. boosted its stake in shares of Targa Resources by 57.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after acquiring an additional 12,640 shares during the period. Hsbc Holdings PLC raised its stake in Targa Resources by 7.0% during the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares during the period. Miller Howard Investments Inc. NY raised its stake in Targa Resources by 37.3% during the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after purchasing an additional 62,652 shares during the period. Raiffeisen Bank International AG lifted its holdings in Targa Resources by 164.1% in the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after purchasing an additional 20,905 shares in the last quarter. Finally, Ninety One UK Ltd lifted its holdings in Targa Resources by 12.6% in the 4th quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company’s stock worth $18,031,000 after purchasing an additional 10,946 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of brokerages have issued reports on TRGP. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Erste Group Bank started coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. Jefferies Financial Group assumed coverage on shares of Targa Resources in a research report on Thursday, June 18th. They set a “buy” rating and a $314.00 target price for the company. Scotiabank raised their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $310.00 price target on shares of Targa Resources in a report on Tuesday. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $288.00.
Targa Resources Stock Up 1.6%
NYSE TRGP opened at $284.60 on Thursday. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. The company has a fifty day moving average of $269.33 and a two-hundred day moving average of $241.02. The firm has a market capitalization of $61.09 billion, a price-to-earnings ratio of 28.78, a PEG ratio of 1.43 and a beta of 0.71. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $286.25.
Targa Resources (NYSE:TRGP – Get Free Report) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. On average, analysts predict that Targa Resources, Inc. will post 10.78 earnings per share for the current year.
Targa Resources Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $1.25 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is presently 50.56%.
Insider Activity
In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.37% of the stock is owned by company insiders.
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.
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