Edgestream Partners L.P. Sells 6,945 Shares of Targa Resources, Inc. $TRGP

Key Points

• Edgestream Partners reduced its Targa Resources stake by 70.6%, selling 6,945 shares and retaining 2,899 shares valued at approximately $727,000. Institutional investors and hedge funds collectively own 92.13% of TRGP.
• Targa Resources reported quarterly EPS of $2.21, below the $2.48 consensus estimate, while revenue of $4.09 billion also missed expectations. The company declared a quarterly dividend of $1.25, equivalent to a 1.9% annual yield.
• Analysts maintain a generally positive outlook, with 17 Buy ratings and two Holds, producing a “Moderate Buy” consensus and average price target of $288 compared with the reported share price of $263.40.

Edgestream Partners L.P. lowered its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 70.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,899 shares of the pipeline company's stock after selling 6,945 shares during the period. Edgestream Partners L.P.'s holdings in Targa Resources were worth $727,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in TRGP. Atlantic Union Bankshares Corp acquired a new position in Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $30,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the 4th quarter worth approximately $31,000. Godfrey Financial Associates Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at $37,000. Finally, Global Assets Advisory LLC bought a new stake in shares of Targa Resources in the 1st quarter valued at $41,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Price Performance

TRGP opened at $263.40 on Wednesday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The company has a market capitalization of $56.54 billion, a price-to-earnings ratio of 26.63, a P/E/G ratio of 1.35 and a beta of 0.72. The firm's fifty day moving average price is $268.78 and its two-hundred day moving average price is $246.75. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. As a group, analysts anticipate that Targa Resources, Inc. will post 10.8 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources's dividend payout ratio (DPR) is 50.56%.

Analysts Set New Price Targets

TRGP has been the topic of several research analyst reports. TD Cowen increased their target price on shares of Targa Resources from $245.00 to $270.00 and gave the stock a "hold" rating in a research note on Thursday, July 16th. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. The Goldman Sachs Group upped their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a report on Monday, April 20th. Truist Financial increased their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, Scotiabank raised 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 two have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and an average price target of $288.00.

Insider Activity at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares of the company's stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.37% of the stock is currently owned by corporate insiders.

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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