Targa Resources, Inc. (NYSE:TRGP) Position Cut by Brown Advisory Inc.

Brown Advisory Inc. trimmed its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 73.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,997 shares of the pipeline company's stock after selling 11,235 shares during the quarter. Brown Advisory Inc.'s holdings in Targa Resources were worth $801,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in TRGP. Snowden Capital Advisors LLC boosted its position in shares of Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after buying an additional 53 shares during the period. Ritholtz Wealth Management boosted its position in shares of Targa Resources by 1.3% in the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after buying an additional 62 shares during the period. Curated Wealth Partners LLC boosted its position in shares of Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after buying an additional 73 shares during the period. Baker Avenue Asset Management LP boosted its holdings in Targa Resources by 0.8% in the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after purchasing an additional 74 shares during the last quarter. Finally, D.A. Davidson & CO. boosted its holdings in Targa Resources by 1.8% in the first quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company's stock valued at $855,000 after purchasing an additional 74 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of analyst reports. TD Securities initiated coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating for the company. Barclays increased their price target on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. TD Cowen initiated coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, Truist Financial increased their price target on Targa Resources from $220.00 to $235.00 and gave the company a "buy" rating in a report on Tuesday, March 18th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Targa Resources presently has a consensus rating of "Buy" and a consensus price target of $209.86.

Targa Resources Stock Down 1.9%

NYSE TRGP traded down $3.21 on Wednesday, hitting $166.10. 1,356,165 shares of the stock traded hands, compared to its average volume of 1,843,447. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. The stock has a 50-day moving average of $167.22 and a 200 day moving average of $181.83. The company has a market capitalization of $36.03 billion, a P/E ratio of 30.59, a price-to-earnings-growth ratio of 0.60 and a beta of 1.07. Targa Resources, Inc. has a twelve month low of $122.56 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. As a group, analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.41%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. Targa Resources's dividend payout ratio is presently 73.66%.

About Targa Resources

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.