Deprince Race & Zollo Inc. Has $27.91 Million Holdings in Targa Resources, Inc. $TRGP

Key Points

• Deprince Race & Zollo cut its Targa Resources stake by 25.2% in the first quarter, selling 37,525 shares and leaving it with 111,308 shares worth about $27.9 million.
• Several analysts remain constructive on TRGP, with recent buy ratings and higher price targets from Goldman Sachs, Jefferies, Truist, and Scotiabank; the stock currently carries a consensus Moderate Buy rating.
• Targa Resources reported Q1 earnings and revenue below expectations, but it also raised its quarterly dividend to $1.25 per share, equivalent to a $5.00 annualized payout and a 1.9% yield.

Deprince Race & Zollo Inc. lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 25.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 111,308 shares of the pipeline company's stock after selling 37,525 shares during the quarter. Deprince Race & Zollo Inc. owned approximately 0.05% of Targa Resources worth $27,908,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of TRGP. Olistico Wealth LLC acquired a new stake in Targa Resources in the 4th quarter worth approximately $27,000. Atlantic Union Bankshares Corp bought a new stake in Targa Resources in the 4th quarter valued at $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. bought a new position in shares of Targa Resources during the fourth quarter valued at $37,000. 92.13% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction that occurred on 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 owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.37% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. The Goldman Sachs Group lifted their target price on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a research note on Monday, April 20th. Jefferies Financial Group assumed coverage on shares of Targa Resources in a research note on Thursday, June 18th. They issued a "buy" rating and a $314.00 target price on the stock. Truist Financial raised their price target on Targa Resources from $285.00 to $289.00 and gave the stock a "buy" rating in a research report on Tuesday, May 12th. Seaport Research Partners restated a "neutral" rating on shares of Targa Resources in a report on Monday, May 4th. Finally, Scotiabank boosted their target price on Targa Resources from $249.00 to $257.00 and gave the company an "outperform" rating in a research note on Tuesday, May 12th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $272.73.

Targa Resources Price Performance

Shares of TRGP opened at $258.09 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The company's fifty day simple moving average is $261.40 and its 200 day simple moving average is $231.22. The company has a market cap of $55.40 billion, a price-to-earnings ratio of 26.10, a PEG ratio of 1.37 and a beta of 0.71. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts forecast that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's payout ratio is presently 50.56%.

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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