KBC Group NV Lowers Stock Position in Targa Resources, Inc. $TRGP

Key Points

• KBC Group NV cut its stake in Targa Resources by 64.3% in the first quarter, selling 58,030 shares and ending with 32,249 shares valued at about $8.1 million.
• Targa Resources reported Q1 earnings and revenue below expectations, with EPS of $2.21 versus $2.48 expected and revenue of $4.09 billion versus $4.68 billion anticipated.
• The company announced a quarterly dividend of $1.25 per share, implying a $5.00 annualized payout and a 1.8% yield; analysts currently rate the stock a Moderate Buy with a consensus target price of $288.

KBC Group NV lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 64.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 32,249 shares of the pipeline company's stock after selling 58,030 shares during the period. KBC Group NV's holdings in Targa Resources were worth $8,086,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Swiss National Bank increased its position in Targa Resources by 6.8% during the 1st quarter. Swiss National Bank now owns 630,000 shares of the pipeline company's stock valued at $157,960,000 after buying an additional 40,300 shares in the last quarter. Hanseatic Management Services Inc. purchased a new stake in shares of Targa Resources in the first quarter worth $398,000. Jennison Associates LLC grew its stake in shares of Targa Resources by 37.5% in the first quarter. Jennison Associates LLC now owns 218,057 shares of the pipeline company's stock worth $54,673,000 after acquiring an additional 59,496 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Targa Resources by 6.1% during the first quarter. Assetmark Inc. now owns 1,640 shares of the pipeline company's stock valued at $411,000 after acquiring an additional 95 shares in the last quarter. Finally, Angeles Wealth Management LLC bought a new position in shares of Targa Resources during the first quarter valued at $296,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.37% of the company's stock.

Targa Resources Stock Up 1.6%

Shares of TRGP stock opened at $284.60 on Thursday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $286.25. The stock has a market cap of $61.09 billion, a P/E ratio of 28.78, a P/E/G ratio of 1.43 and a beta of 0.71. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The company has a 50 day simple moving average of $269.33 and a two-hundred day simple moving average of $241.02.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly 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). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, research analysts expect that Targa Resources, Inc. will post 10.78 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources's dividend payout ratio (DPR) is currently 50.56%.

Analyst Upgrades and Downgrades

TRGP has been the topic of several recent analyst reports. Erste Group Bank assumed coverage on shares of Targa Resources in a research report on Thursday, June 25th. They set a "buy" rating on the stock. Scotiabank lifted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a report on Tuesday, May 12th. Truist Financial upped their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research note on Wednesday, July 15th. Weiss Ratings reiterated a "buy (b)" rating on shares of Targa Resources in a report on Thursday, July 2nd. Finally, Wells Fargo & Company boosted their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. Seventeen analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of "Moderate Buy" and a consensus target price of $288.00.

About Targa Resources

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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