Commerce Bank Reduces Stock Holdings in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Commerce Bank decreased its stake in Targa Resources by 10.6%, selling 6,016 shares, and now owns 50,735 shares valued at approximately $10.17 million.
• Targa Resources recently announced a significant increase in its quarterly dividend from $0.12 to $1.00, reflecting an annualized dividend of $4.00 and a yield of 2.5%.
• Analyst ratings for Targa Resources are generally positive, with a consensus price target of $209.86 and multiple firms upgrading their price objectives.

Commerce Bank cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 10.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 50,735 shares of the pipeline company's stock after selling 6,016 shares during the period. Commerce Bank's holdings in Targa Resources were worth $10,171,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of TRGP. New Age Alpha Advisors LLC purchased a new stake in Targa Resources during the fourth quarter worth approximately $73,000. HighPoint Advisor Group LLC lifted its stake in Targa Resources by 10.8% in the fourth quarter. HighPoint Advisor Group LLC now owns 1,523 shares of the pipeline company's stock valued at $272,000 after buying an additional 148 shares during the last quarter. Huntington National Bank lifted its stake in Targa Resources by 16.5% in the fourth quarter. Huntington National Bank now owns 557 shares of the pipeline company's stock valued at $99,000 after buying an additional 79 shares during the last quarter. World Investment Advisors purchased a new stake in Targa Resources in the 4th quarter valued at $288,000. Finally, Prudential PLC raised its position in Targa Resources by 170.0% in the 4th quarter. Prudential PLC now owns 7,106 shares of the pipeline company's stock valued at $1,268,000 after purchasing an additional 4,474 shares during the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on TRGP. UBS Group reduced their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. TD Cowen initiated coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price target for the company. Mizuho set a $212.00 price target on Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. The Goldman Sachs Group cut their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Finally, Barclays upped their price target on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $209.86.

Targa Resources Trading Down 0.7%

NYSE:TRGP traded down $1.17 during mid-day trading on Tuesday, reaching $163.65. The company's stock had a trading volume of 2,045,021 shares, compared to its average volume of 1,886,911. The company's fifty day simple moving average is $167.92 and its two-hundred day simple moving average is $179.28. The stock has a market cap of $35.50 billion, a P/E ratio of 30.14, a P/E/G ratio of 1.06 and a beta of 1.12. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. Targa Resources, Inc. has a twelve month low of $128.44 and a twelve month high of $218.51.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Thursday, July 31st. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is 73.66%.

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.