Hsbc Holdings PLC Has $151.33 Million Stock Position in Targa Resources, Inc. $TRGP

Key Points

• HSBC Holdings PLC increased its stake in Targa Resources by 7.0% in the fourth quarter, ending with 820,310 shares valued at about $151.3 million.
• Targa Resources reported weaker-than-expected quarterly results, posting EPS of $2.21 versus the $2.48 consensus and revenue of $4.09 billion versus $4.68 billion expected.
• The company raised its dividend to $1.25 per share quarterly, or $5.00 annualized, while analysts remain generally positive with a consensus rating of “Moderate Buy” and a target price of $272.73.

Hsbc Holdings PLC lifted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 7.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 820,310 shares of the pipeline company's stock after buying an additional 53,413 shares during the period. Hsbc Holdings PLC owned about 0.38% of Targa Resources worth $151,331,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of TRGP. Olistico Wealth LLC acquired a new stake in shares of Targa Resources during the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp acquired a new position in Targa Resources in the fourth quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new position in Targa Resources in the fourth quarter valued at about $30,000. Leonteq Securities AG bought a new stake in Targa Resources during the fourth quarter worth about $31,000. Finally, Godfrey Financial Associates Inc. bought a new stake in Targa Resources during the fourth quarter worth about $37,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Down 0.0%

Shares of TRGP opened at $258.85 on Friday. The stock's fifty day simple moving average is $262.36 and its 200-day simple moving average is $231.94. The firm has a market capitalization of $55.56 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 1.32 and a beta of 0.71. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $280.00. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

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 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 for the quarter, compared to the consensus estimate of $4.68 billion. As a group, research analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. Targa Resources's dividend payout ratio is presently 50.56%.

Insider Buying and Selling at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of Targa Resources 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 completion of the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.37% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. Seaport Research Partners reiterated a "neutral" rating on shares of Targa Resources in a research report on Monday, May 4th. The Goldman Sachs Group increased their target price on Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a report on Monday, April 20th. UBS Group raised their target price on Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. Finally, Wells Fargo & Company upped their price target 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. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $272.73.

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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