Alps Advisors Inc. Has $24.41 Million Stake in Targa Resources, Inc. $TRGP

Key Points

• Alps Advisors Inc. trimmed its Targa Resources position by 8.0% in the fourth quarter, selling 11,581 shares and ending with 132,323 shares valued at about $24.4 million.
• Insider activity and analyst sentiment remain supportive: director Charles R. Crisp sold 10,602 shares, while analysts still hold a Moderate Buy consensus with a target price around $269.21.
• Targa Resources reported lower-than-expected Q1 earnings and revenue, but it also raised its quarterly dividend to $1.25 per share, implying an annualized yield of about 1.9%.

Alps Advisors Inc. decreased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 132,323 shares of the pipeline company's stock after selling 11,581 shares during the quarter. Alps Advisors Inc. owned 0.06% of Targa Resources worth $24,414,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Woodline Partners LP raised its stake in shares of Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock valued at $3,693,000 after purchasing an additional 5,327 shares during the period. Focus Partners Wealth increased its position in shares of Targa Resources by 157.4% in the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock valued at $788,000 after acquiring an additional 2,404 shares during the last quarter. Baird Financial Group Inc. increased its position in shares of Targa Resources by 6.3% in the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock valued at $644,000 after acquiring an additional 219 shares during the last quarter. Brown Advisory Inc. increased its position in shares of Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock valued at $787,000 after acquiring an additional 524 shares during the last quarter. Finally, Cerity Partners LLC increased its position in shares of Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock valued at $5,550,000 after acquiring an additional 3,163 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the business'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 completion of the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.37% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on TRGP. Scotiabank lifted their target price on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research report on Tuesday, May 12th. Wells Fargo & Company lifted their target price on Targa Resources from $264.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. The Goldman Sachs Group lifted their target price on Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research report on Friday, May 8th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $281.00 target price on shares of Targa Resources in a research report on Tuesday, May 12th. Fifteen investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $269.21.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $269.31 on Friday. The business's 50 day moving average price is $254.88 and its two-hundred day moving average price is $222.52. The company has a market cap of $57.80 billion, a PE ratio of 27.23, a price-to-earnings-growth ratio of 1.39 and a beta of 0.72. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources's dividend payout ratio (DPR) is presently 50.56%.

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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