Glenmede Trust Co. NA Sells 5,666 Shares of Targa Resources, Inc. $TRGP

Key Points

• Glenmede Trust Co. NA reduced its Targa Resources stake by 17.4% in the first quarter, selling 5,666 shares and retaining 26,863 shares valued at approximately $6.7 million.
• Analysts remain broadly positive on Targa Resources, with 17 Buy ratings and two Holds. The stock has a “Moderate Buy” consensus rating and an average price target of $288.
• Targa Resources reported quarterly EPS of $2.21, below the $2.48 consensus estimate, while revenue of $4.09 billion also missed forecasts. The company declared a quarterly dividend of $1.25 per share, implying a 1.9% annual yield.

Glenmede Trust Co. NA reduced its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 17.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 26,863 shares of the pipeline company's stock after selling 5,666 shares during the quarter. Glenmede Trust Co. NA's holdings in Targa Resources were worth $6,735,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in TRGP. Atlantic Union Bankshares Corp bought a new position in Targa Resources during the 4th quarter worth approximately $27,000. Miller Capital Partners Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at $30,000. Global Assets Advisory LLC acquired a new stake in shares of Targa Resources during the first quarter worth $41,000. Leonteq Securities AG acquired a new stake in shares of Targa Resources during the fourth quarter worth $31,000. Finally, Valued Wealth Advisors LLC raised its stake in Targa Resources by 57.7% during the first quarter. Valued Wealth Advisors LLC now owns 175 shares of the pipeline company's stock worth $44,000 after buying an additional 64 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on TRGP shares. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a report on Friday, May 8th. JPMorgan Chase & Co. increased their price target on Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Royal Bank Of Canada reissued an "outperform" rating and issued a $310.00 price objective on shares of Targa Resources in a research note on Tuesday, July 21st. US Capital Advisors lowered Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Finally, Scotiabank raised their target price on Targa Resources from $249.00 to $257.00 and gave the stock 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $288.00.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction 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 in the company, 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 filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Down 2.0%

Shares of NYSE:TRGP opened at $264.89 on Tuesday. The business's 50 day simple moving average is $268.92 and its two-hundred day simple moving average is $246.18. The firm has a market cap of $56.86 billion, a P/E ratio of 26.78, a PEG ratio of 1.38 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 52-week low of $144.14 and a 52-week high of $291.04.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data 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 net margin of 12.87% and a return on equity of 71.00%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 10.8 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders 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 yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources's payout ratio is 50.56%.

Targa Resources Company 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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