Advisory Alpha LLC Reduces Stock Position in Targa Resources Corp. (NYSE:TRGP)

Advisory Alpha LLC reduced its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 61.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,355 shares of the pipeline company's stock after selling 2,165 shares during the period. Advisory Alpha LLC's holdings in Targa Resources were worth $272,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Ameriflex Group Inc. bought a new stake in Targa Resources during the 4th quarter valued at $31,000. Colonial Trust Co SC raised its position in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares in the last quarter. Atala Financial Inc bought a new stake in Targa Resources during the 4th quarter valued at $31,000. Cary Street Partners Financial LLC bought a new stake in Targa Resources during the 4th quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources during the 4th quarter valued at $32,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Up 2.0%

TRGP stock traded up $3.21 on Thursday, hitting $163.89. 1,903,459 shares of the company's stock were exchanged, compared to its average volume of 1,820,958. Targa Resources Corp. has a 12-month low of $116.73 and a 12-month high of $218.51. The firm has a 50 day moving average price of $168.02 and a two-hundred day moving average price of $186.03. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a market cap of $35.55 billion, a P/E ratio of 28.55, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. As a group, equities research analysts expect that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Royal Bank of Canada decreased their target price on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Mizuho set a $212.00 price target on Targa Resources and gave the company an "outperform" rating in a report on Tuesday, May 20th. The Goldman Sachs Group cut their price target on 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 upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Citigroup cut their price target on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of "Buy" and a consensus price target of $199.07.

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.