Intech Investment Management LLC Decreases Holdings in Targa Resources, Inc. $TRGP

Key Points

• Intech Investment Management cut its stake in Targa Resources by 72.3% in the fourth quarter, selling 178,365 shares and leaving it with 68,205 shares valued at about $12.6 million.
• Targa Resources reported mixed quarterly results, with earnings of $2.21 per share and revenue of $4.09 billion, both below Wall Street expectations.
• The company raised its quarterly dividend to $1.25 per share from $1.00, while analysts currently hold a Moderate Buy consensus with an average price target of $269.21.

Intech Investment Management LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 72.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,205 shares of the pipeline company's stock after selling 178,365 shares during the period. Intech Investment Management LLC's holdings in Targa Resources were worth $12,584,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in TRGP. Wellington Management Group LLP boosted its position in Targa Resources by 9.0% during the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock worth $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Targa Resources during the 3rd quarter worth $121,426,000. Vanguard Group Inc. boosted its position in Targa Resources by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock worth $4,755,169,000 after purchasing an additional 422,075 shares during the period. Merewether Investment Management LP boosted its position in Targa Resources by 52.9% during the 2nd quarter. Merewether Investment Management LP now owns 992,582 shares of the pipeline company's stock worth $172,789,000 after purchasing an additional 343,319 shares during the period. Finally, Balyasny Asset Management L.P. boosted its position in Targa Resources by 107.1% during the 3rd quarter. Balyasny Asset Management L.P. now owns 588,684 shares of the pipeline company's stock worth $98,628,000 after purchasing an additional 304,426 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 2.7%

Shares of Targa Resources stock opened at $255.14 on Friday. The business has a 50-day moving average of $251.28 and a 200-day moving average of $216.18. 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 $54.76 billion, a PE ratio of 25.80, a P/E/G ratio of 1.35 and a beta of 0.75. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $280.00.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results 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). The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. As a group, equities analysts forecast that Targa Resources, Inc. will post 10.67 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business 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 of this dividend was Thursday, April 30th. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a dividend yield of 2.0%. Targa Resources's dividend payout ratio is 50.56%.

Insider Transactions at Targa Resources

In other news, insider Patrick J. Mcdonie sold 31,537 shares of the stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $239.36, for a total transaction of $7,548,696.32. Following the transaction, the insider owned 305,163 shares of the company's stock, valued at approximately $73,043,815.68. This trade represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Robert Muraro sold 24,589 shares of the stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $241.34, for a total transaction of $5,934,309.26. Following the transaction, the insider directly owned 197,401 shares in the company, valued at $47,640,757.34. The trade was a 11.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 66,728 shares of company stock valued at $16,196,694. Insiders own 1.37% of the company's stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research reports. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research report on Wednesday. Morgan Stanley raised their target price on Targa Resources from $327.00 to $331.00 and gave the company an "overweight" rating in a research note on Tuesday, May 12th. Seaport Research Partners restated a "neutral" rating on shares of Targa Resources in a research note on Monday, May 4th. TD Cowen raised their target price on Targa Resources from $236.00 to $245.00 and gave the company a "hold" rating in a research note on Monday, May 11th. Finally, Mizuho raised their target price on Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research note on Wednesday. Fourteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $269.21.

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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