Targa Resources, Inc. (NYSE:TRGP) Shares Sold by Creekmur Asset Management LLC

Creekmur Asset Management LLC cut its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 55.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,091 shares of the pipeline company's stock after selling 3,855 shares during the quarter. Creekmur Asset Management LLC's holdings in Targa Resources were worth $620,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TRGP. Bessemer Group Inc. raised its position in Targa Resources by 25.1% during the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after acquiring an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. increased its position in shares of Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after buying an additional 823 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources in the first quarter valued at approximately $544,000. Vontobel Holding Ltd. increased its position in shares of Targa Resources by 29.9% in the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after buying an additional 864 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its position in shares of Targa Resources by 5.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after buying an additional 111 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $4.76 during trading hours on Friday, reaching $171.24. The stock had a trading volume of 1,441,895 shares, compared to its average volume of 1,844,569. Targa Resources, Inc. has a fifty-two week low of $122.56 and a fifty-two week high of $218.51. The firm has a 50-day moving average of $167.58 and a 200-day moving average of $181.71. 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 cap of $37.15 billion, a price-to-earnings ratio of 31.54, a PEG ratio of 1.09 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. Equities research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a $1.00 dividend. This is an increase from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TRGP shares. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Tuesday. Barclays upped their price target on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. TD Cowen initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. Finally, TD Securities initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $209.86.

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.