BI Asset Management Fondsmaeglerselskab A S Cuts Position in Targa Resources, Inc. $TRGP

Key Points

• BI Asset Management Fondsmaeglerselskab A S has reduced its stake in Targa Resources, Inc. by 14.6%, holding 53,367 shares valued at approximately $10.70 million at the end of the first quarter.
• Targa Resources reported a quarterly earnings per share (EPS) of $2.87, exceeding analysts' expectations of $1.95, while revenue for the quarter was $4.26 billion against an expectation of $4.82 billion.
• The company has increased its quarterly dividend from $0.12 to $1.00, resulting in an annualized dividend yield of 2.5%.

BI Asset Management Fondsmaeglerselskab A S trimmed its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 14.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 53,367 shares of the pipeline company's stock after selling 9,099 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Targa Resources were worth $10,698,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Cornerstone Planning Group LLC boosted its holdings in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares during the last quarter. Ameriflex Group Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Colonial Trust Co SC boosted its holdings 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 purchasing an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have recently weighed in on TRGP shares. Scotiabank restated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Mizuho set a $212.00 target price on Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Wells Fargo & Company restated an "overweight" rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. The Goldman Sachs Group lowered their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a report on Monday, May 5th. Finally, Royal Bank Of Canada boosted their target price on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Trading Up 0.5%

Shares of TRGP stock traded up $0.8190 during trading on Friday, hitting $162.9190. 1,000,388 shares of the stock traded hands, compared to its average volume of 1,571,554. The firm has a market capitalization of $35.06 billion, a P/E ratio of 23.04, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm's fifty day moving average price is $167.92 and its 200-day moving average price is $175.60. Targa Resources, Inc. has a 52-week low of $142.11 and a 52-week high of $218.51.

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

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. Targa Resources's dividend payout ratio is presently 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.