AMJ Financial Wealth Management Sells 13,041 Shares of Targa Resources, Inc. $TRGP

Key Points

• AMJ Financial Wealth Management cut its Targa Resources stake by 60.9% in the fourth quarter, selling 13,041 shares and leaving it with 8,371 shares valued at about $1.54 million.
• Targa Resources reported weaker-than-expected quarterly results, posting EPS of $2.21 versus the $2.48 estimate and revenue of $4.09 billion versus $4.68 billion expected.
• The company raised its quarterly dividend to $1.25 per share, or $5.00 annualized, while analysts currently have a consensus Moderate Buy rating with an average target price of $266.36.

AMJ Financial Wealth Management decreased its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 60.9% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 8,371 shares of the pipeline company's stock after selling 13,041 shares during the period. AMJ Financial Wealth Management's holdings in Targa Resources were worth $1,544,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in TRGP. Korea Investment CORP increased its position in Targa Resources by 37.4% during the 3rd quarter. Korea Investment CORP now owns 260,760 shares of the pipeline company's stock worth $43,688,000 after purchasing an additional 70,998 shares in the last quarter. Alps Advisors Inc. boosted its stake in shares of Targa Resources by 5.5% in the 3rd quarter. Alps Advisors Inc. now owns 143,904 shares of the pipeline company's stock valued at $24,110,000 after purchasing an additional 7,497 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Targa Resources by 5.0% in the 3rd quarter. Envestnet Asset Management Inc. now owns 484,462 shares of the pipeline company's stock valued at $81,167,000 after purchasing an additional 22,969 shares during the last quarter. NFC Investments LLC bought a new stake in shares of Targa Resources in the 3rd quarter valued at $8,478,000. Finally, Nordea Investment Management AB boosted its stake in Targa Resources by 13.5% during the third quarter. Nordea Investment Management AB now owns 146,368 shares of the pipeline company's stock worth $24,325,000 after acquiring an additional 17,457 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $272.04 on Friday. The stock has a market cap of $58.39 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 1.67 and a beta of 0.75. The company's fifty day moving average price is $244.80 and its 200-day moving average price is $208.36. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $273.11. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

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 (EPS) for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, equities analysts expect that Targa Resources, Inc. will post 10.66 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.8%. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's payout ratio is currently 50.56%.

Insider Buying and Selling

In other Targa Resources news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the completion of the sale, the insider directly owned 305,163 shares of the company's stock, valued at $73,043,815.68. This trade represents a 9.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lindsey Cooksen sold 435 shares of the stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $231.72, for a total transaction of $100,798.20. Following the sale, the director directly owned 11,670 shares of the company's stock, valued at approximately $2,704,172.40. This trade represents a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 115,531 shares of company stock worth $27,405,821 in the last ninety days. Corporate insiders own 1.37% of the company's stock.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of research analyst reports. Stifel Nicolaus set a $268.00 target price on Targa Resources in a research report on Friday, May 8th. Morgan Stanley raised their price objective on shares of Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a report on Tuesday. TD Cowen raised their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a report on Monday, May 11th. Mizuho lifted their target price on shares of Targa Resources from $207.00 to $260.00 and gave the stock an "outperform" rating in a research note on Thursday, March 19th. Finally, The Goldman Sachs Group raised their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research report on Monday, April 20th. Fourteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $266.36.

Targa Resources 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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