Comerica Bank Sells 9,610 Shares of Targa Resources, Inc. $TRGP

Key Points

• Comerica Bank has reduced its stake in Targa Resources, Inc. by 23.1%, selling 9,610 shares to hold a total of 32,076 shares valued at approximately $6.43 million.
• Targa Resources recently announced a quarterly dividend increase to $1.00 per share, significantly up from the previous $0.12, resulting in an annualized yield of 2.4%.
• Analysts have an average rating of "Moderate Buy" for Targa Resources, with target prices ranging around $209.21 after a series of ratings updates and adjustments from multiple firms.

Comerica Bank lowered its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 23.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 32,076 shares of the pipeline company's stock after selling 9,610 shares during the period. Comerica Bank's holdings in Targa Resources were worth $6,430,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Snowden Capital Advisors LLC raised its holdings in shares of Targa Resources by 2.0% during the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after buying an additional 53 shares in the last quarter. Ritholtz Wealth Management raised its holdings in shares of Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after buying an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC raised its holdings in shares of Targa Resources by 3.6% during the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after buying an additional 62 shares in the last quarter. Curated Wealth Partners LLC raised its holdings in shares of Targa Resources by 2.2% during the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock valued at $670,000 after buying an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP raised its holdings in shares of Targa Resources by 0.8% during the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after buying an additional 74 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently weighed in on TRGP shares. Royal Bank Of Canada raised their price objective on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Wall Street Zen raised Targa Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. Barclays raised their price objective on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Mizuho decreased their price objective on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday. Finally, Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $208.86.

Targa Resources Trading Up 0.5%

Targa Resources stock traded up $0.89 during trading hours on Monday, reaching $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 debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The company has a 50-day moving average price of $167.39 and a 200 day moving average price of $173.90. The firm has a market cap 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.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping analysts' consensus estimates 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 return on equity of 43.35% and a net margin of 8.99%. Equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a $1.00 dividend. 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%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 56.58%.

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.