Burney Co. Lowers Stake in Targa Resources, Inc. $TRGP

Burney Co. reduced its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 42.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 61,847 shares of the pipeline company's stock after selling 44,716 shares during the quarter. Burney Co.'s holdings in Targa Resources were worth $15,507,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of TRGP. Norges Bank purchased a new stake in Targa Resources during the 4th quarter valued at approximately $735,758,000. Wellington Management Group LLP lifted its holdings in shares of Targa Resources by 9.0% in the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock worth $3,291,012,000 after buying an additional 1,620,253 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock worth $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Targa Resources during the third quarter worth $121,426,000. Finally, Tortoise Capital Advisors L.L.C. grew its stake in Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock valued at $625,272,000 after acquiring an additional 572,562 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

TRGP has been the topic of a number of research reports. Seaport Research Partners reiterated a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. UBS Group raised their price objective on Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research report on Tuesday, March 24th. Wells Fargo & Company lifted their target price on Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Morgan Stanley boosted their target price on Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 12th. Finally, Citigroup reissued a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. Seventeen investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $272.73.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.37% of the company's stock.

Targa Resources Stock Up 1.7%

Shares of NYSE TRGP opened at $263.30 on Tuesday. The firm's 50-day moving average price is $262.82 and its 200-day moving average price is $232.90. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The stock has a market capitalization of $56.51 billion, a price-to-earnings ratio of 26.62, a P/E/G ratio of 1.32 and a beta of 0.71. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion for 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 research analysts anticipate that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

About Targa Resources

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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