HighTower Advisors LLC Decreases Position in Targa Resources, Inc. $TRGP

Key Points

• HighTower Advisors reduced its Targa Resources position by 3.5% in the second quarter, selling 6,333 shares and retaining 175,858 shares valued at approximately $47.2 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, beating analyst expectations of $2.83, although revenue of $4.44 billion fell short of the $4.90 billion consensus estimate. The company also paid a quarterly dividend of $1.25, equivalent to a 1.8% annualized yield.
• Analysts remain broadly bullish, with a consensus “Buy” rating and average price target of $295.35. Shares opened at $275.77, near their 12-month high of $291.04.

HighTower Advisors LLC lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 175,858 shares of the pipeline company's stock after selling 6,333 shares during the quarter. HighTower Advisors LLC owned approximately 0.08% of Targa Resources worth $47,154,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its stake in shares of Targa Resources by 1.3% in the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock valued at $2,337,289,000 after buying an additional 162,878 shares during the period. Geode Capital Management LLC lifted its stake in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock worth $1,078,497,000 after acquiring an additional 45,495 shares in the last quarter. Norges Bank purchased a new position in shares of Targa Resources in the fourth quarter valued at approximately $735,758,000. Tortoise Capital Advisors L.L.C. lifted its holdings in Targa Resources by 20.3% during the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after buying an additional 572,562 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in Targa Resources by 48.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Up 3.3%

TRGP opened at $275.77 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04. The business has a 50-day moving average of $269.33 and a two-hundred day moving average of $250.72. The stock has a market capitalization of $59.13 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. On average, research analysts expect that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, July 31st. Targa Resources's dividend payout ratio is 47.80%.

Wall Street Analyst Weigh In

TRGP has been the subject of a number of analyst reports. Mizuho boosted their target price on shares of Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. US Capital Advisors downgraded shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Erste Group Bank initiated coverage on Targa Resources in a research note on Thursday, June 25th. They issued a "buy" rating on the stock. Barclays increased their price target on shares of Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Finally, Truist Financial boosted their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $295.35.

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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