Aigen Investment Management LP Sells 6,238 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Aigen Investment Management LP has reduced its stake in Targa Resources by 49.5%, selling over 6,200 shares and leaving it with 6,354 shares valued at approximately $1,274,000.
• Despite Aigen's decrease, other institutional investors significantly increased their positions, including Cornerstone Planning Group, which raised its stake by 578.9%.
• Targa Resources announced a quarterly dividend of $1.00, a considerable increase from its previous dividend of $0.12, reflecting a continuing commitment to rewarding shareholders.

Aigen Investment Management LP trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 49.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,354 shares of the pipeline company's stock after selling 6,238 shares during the period. Aigen Investment Management LP's holdings in Targa Resources were worth $1,274,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Entropy Technologies LP boosted its position in shares of Targa Resources by 68.2% in the first quarter. Entropy Technologies LP now owns 49,859 shares of the pipeline company's stock valued at $9,995,000 after acquiring an additional 20,209 shares during the period. Invesco Ltd. boosted its holdings in shares of Targa Resources by 3.2% during the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock valued at $915,338,000 after buying an additional 139,780 shares in the last quarter. Basso Capital Management L.P. boosted its stake in Targa Resources by 9.0% in the 1st quarter. Basso Capital Management L.P. now owns 5,450 shares of the pipeline company's stock worth $1,093,000 after purchasing an additional 450 shares in the last quarter. Manhattan West Asset Management LLC bought a new position in Targa Resources during the 1st quarter valued at about $1,544,000. Finally, JPMorgan Chase & Co. lifted its stake in Targa Resources by 2.0% during the 1st quarter. JPMorgan Chase & Co. now owns 957,363 shares of the pipeline company's stock valued at $191,923,000 after acquiring an additional 19,117 shares during the period. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

TRGP has been the topic of a number of recent analyst reports. Citigroup decreased their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. JPMorgan Chase & Co. boosted their target price on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. The Goldman Sachs Group decreased their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. TD Securities assumed coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating for the company. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price target (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $209.00.

Targa Resources Price Performance

NYSE TRGP traded down $1.35 on Wednesday, reaching $166.69. 1,787,743 shares of the stock traded hands, compared to its average volume of 1,546,349. The firm's fifty day simple moving average is $168.61 and its 200 day simple moving average is $177.46. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The company has a market cap of $35.87 billion, a price-to-earnings ratio of 23.58, a P/E/G ratio of 1.05 and a beta of 1.12. Targa Resources, Inc. has a 12 month low of $136.60 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's payout ratio is 56.58%.

Targa Resources 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.