APG Asset Management N.V. Sells 1,909 Shares of Targa Resources, Inc. $TRGP

Key Points

• APG Asset Management N.V. reduced its stake in Targa Resources, Inc. by 18.3%, selling 1,909 shares and owning 8,530 shares worth approximately $1,583,000.
• Multiple large investors have increased their holdings in Targa, with GQG Partners LLC boosting its stake by 64% and Wellington Management Group LLP acquiring an additional 962,631 shares.
• Targa Resources announced a quarterly dividend of $1.00 per share, reflecting a significant increase from its previous dividend, resulting in a 2.5% yield for investors.

APG Asset Management N.V. lowered its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 18.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,530 shares of the pipeline company's stock after selling 1,909 shares during the quarter. APG Asset Management N.V.'s holdings in Targa Resources were worth $1,583,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC boosted its holdings in Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the last quarter. Colonial Trust Co SC boosted its stake in shares of Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after acquiring an additional 162 shares during the last quarter. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources during the 4th quarter worth $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources during the 4th quarter worth $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in shares of Targa Resources during the 4th quarter valued at $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

TRGP stock traded up $0.89 during mid-day trading on Monday, hitting $167.85. The company had a trading volume of 986,198 shares, compared to its average volume of 1,519,261. The company has a market capitalization of $36.12 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.03 and a beta of 1.21. Targa Resources, Inc. has a 12-month low of $142.11 and a 12-month high of $218.51. 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 50-day moving average price of $167.39 and a 200 day moving average price of $173.90.

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

Targa Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Wells Fargo & Company restated an "overweight" rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Saturday, August 23rd. Barclays lifted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, TD Cowen assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $208.86.

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.