Covea Finance Cuts Holdings in Targa Resources, Inc. (NYSE:TRGP)

Covea Finance decreased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 27.4% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 51,740 shares of the pipeline company's stock after selling 19,500 shares during the period. Covea Finance's holdings in Targa Resources were worth $10,372,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ameriflex Group Inc. purchased a new position in Targa Resources in the fourth quarter valued at $31,000. Colonial Trust Co SC increased its holdings in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares in the last quarter. Atala Financial Inc purchased a new position in Targa Resources in the fourth quarter valued at $31,000. Cary Street Partners Financial LLC purchased a new position in Targa Resources in the fourth quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth about $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on TRGP shares. Scotiabank boosted their target price on shares of Targa Resources from $193.00 to $197.00 and gave the stock a "sector outperform" rating in a research note on Thursday, June 5th. Truist Financial boosted their target price on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Royal Bank Of Canada cut their target price on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Morgan Stanley boosted their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Finally, Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $199.07.

Targa Resources Stock Performance

TRGP opened at $170.78 on Friday. 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 firm has a market capitalization of $37.05 billion, a PE ratio of 31.45, a PEG ratio of 0.59 and a beta of 1.07. The firm's 50-day moving average price is $166.30 and its 200 day moving average price is $183.27. 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 posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources's payout ratio 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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.