Catalyst Capital Advisors LLC Reduces Holdings in Targa Resources, Inc. $TRGP

Key Points

• Catalyst Capital Advisors cut its stake in Targa Resources by 13.2% in Q1, selling 23,135 shares and leaving it with 151,793 shares valued at about $38.1 million.
• Targa Resources reported weaker-than-expected Q1 results, posting EPS of $2.21 versus the $2.48 estimate and revenue of $4.09 billion versus $4.68 billion expected.
• The company recently announced a quarterly dividend of $1.25 per share, implying an annualized payout of $5.00 and a yield of about 1.8%.

Catalyst Capital Advisors LLC trimmed its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 13.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 151,793 shares of the pipeline company's stock after selling 23,135 shares during the quarter. Targa Resources makes up 0.7% of Catalyst Capital Advisors LLC's portfolio, making the stock its 26th biggest holding. Catalyst Capital Advisors LLC owned approximately 0.07% of Targa Resources worth $38,059,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in TRGP. Olistico Wealth LLC purchased a new stake in Targa Resources during the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the 4th quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth about $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the 4th quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Trading Up 1.1%

Shares of TRGP stock opened at $283.39 on Friday. The firm's 50-day simple moving average is $267.82 and its 200-day simple moving average is $238.58. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $285.56. The firm has a market cap of $60.83 billion, a P/E ratio of 28.65, a PEG ratio of 1.44 and a beta of 0.71.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 10.74 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources's payout ratio is 50.56%.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

TRGP has been the subject of a number of analyst reports. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a research report on Thursday, July 2nd. Truist Financial lifted their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday. Erste Group Bank started coverage on Targa Resources in a report on Thursday, June 25th. They issued a "buy" rating for the company. UBS Group reissued a "buy" rating and set a $318.00 price target on shares of Targa Resources in a research note on Thursday, July 9th. Finally, Scotiabank raised their price objective on Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a report on Tuesday, May 12th. Seventeen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $285.93.

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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