Freemont Management S.A. Decreases Stock Holdings in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Freemont Management S.A. reduced its holdings in Targa Resources by 9.0%, selling 2,000 shares, and now owns a total of 20,200 shares valued at approximately $4.05 million.
• Targa Resources reported a quarterly EPS of $0.91, significantly underperforming against analyst estimates of $2.04, with revenues of $4.56 billion compared to expectations of $5.01 billion.
• The company's dividend has increased to $1.00 per quarter, up from $0.12, culminating in a dividend yield of 2.41% based on current valuations.

Freemont Management S.A. reduced its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 9.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,200 shares of the pipeline company's stock after selling 2,000 shares during the quarter. Targa Resources comprises approximately 1.3% of Freemont Management S.A.'s portfolio, making the stock its 24th biggest holding. Freemont Management S.A.'s holdings in Targa Resources were worth $4,049,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Snowden Capital Advisors LLC raised its holdings in Targa Resources by 2.0% during the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after buying an additional 53 shares during the last quarter. Ritholtz Wealth Management raised its holdings in Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after buying an additional 62 shares during the last quarter. Stratos Wealth Advisors LLC raised its holdings in Targa Resources by 3.6% during the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock valued at $356,000 after buying an additional 62 shares during the last quarter. Curated Wealth Partners LLC raised its holdings in Targa Resources by 2.2% during the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock valued at $670,000 after buying an additional 73 shares during the last quarter. Finally, Baker Avenue Asset Management LP raised its holdings in Targa Resources by 0.8% during the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after buying an additional 74 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.0%

Shares of TRGP stock traded up $0.05 during mid-day trading on Tuesday, reaching $167.37. 321,044 shares of the company's stock traded hands, compared to its average volume of 1,890,869. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The company has a market cap of $36.31 billion, a P/E ratio of 30.84, a P/E/G ratio of 1.08 and a beta of 1.07. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. The company's 50-day moving average price is $167.34 and its 200-day moving average price is $180.69.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. On average, equities analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.39%. Targa Resources's dividend payout ratio is presently 73.66%.

Analyst Ratings Changes

A number of research firms recently commented on TRGP. Mizuho set a $212.00 price target on shares of Targa Resources and gave the company an "outperform" rating in a report on Tuesday, May 20th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Tuesday, July 15th. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. TD Cowen began coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. Finally, UBS Group cut their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Two 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 stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $209.86.

About Targa Resources

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.