Dimensional Fund Advisors LP Sells 19,835 Shares of Targa Resources, Inc. $TRGP

Key Points

• Dimensional Fund Advisors trimmed its stake in Targa Resources by 0.9% in the first quarter, selling 19,835 shares and ending with 2,235,755 shares worth about $560.5 million.
• Targa Resources reported mixed quarterly results, with EPS of $2.21 missing estimates of $2.48 and revenue of $4.09 billion below expectations of $4.68 billion.
• The company announced a quarterly dividend of $1.25 per share, payable August 14, while analysts remain broadly positive with 17 Buy ratings and a consensus price target of $285.93.

Dimensional Fund Advisors LP decreased its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 0.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,235,755 shares of the pipeline company's stock after selling 19,835 shares during the period. Dimensional Fund Advisors LP owned 1.04% of Targa Resources worth $560,542,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. PNC Financial Services Group Inc. grew its position in Targa Resources by 57.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock worth $6,421,000 after buying an additional 12,640 shares in the last quarter. Hsbc Holdings PLC increased its stake in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock worth $151,331,000 after acquiring an additional 53,413 shares during the last quarter. Miller Howard Investments Inc. NY raised its holdings in shares of Targa Resources by 37.3% in the 1st quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company's stock valued at $57,816,000 after acquiring an additional 62,652 shares in the last quarter. Raiffeisen Bank International AG raised its holdings in shares of Targa Resources by 164.1% in the 4th quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company's stock valued at $6,245,000 after acquiring an additional 20,905 shares in the last quarter. Finally, Banque Pictet & Cie SA bought a new stake in shares of Targa Resources during the 4th quarter valued at about $22,919,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Down 0.2%

TRGP stock opened at $282.35 on Tuesday. The company has a market capitalization of $60.60 billion, a PE ratio of 28.55, a price-to-earnings-growth ratio of 1.45 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $286.25. The company's 50 day moving average price is $268.40 and its two-hundred day moving average price is $239.64.

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

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources's dividend payout ratio (DPR) is 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction dated 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 in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.37% of the company's stock.

Analyst Ratings Changes

Several research analysts recently weighed in on TRGP shares. Wells Fargo & Company upped their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. JPMorgan Chase & Co. lifted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a research report on Thursday, July 9th. The Goldman Sachs Group increased their price target on shares of Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a report on Monday, April 20th. Truist Financial raised their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a "buy" rating in a research report on Wednesday, July 15th. Finally, TD Cowen lifted their price objective on shares of Targa Resources from $245.00 to $270.00 and gave the stock a "hold" rating in a report on Thursday. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $285.93.

Targa Resources Profile

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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