Lee Financial Co Sells 2,607 Shares of Targa Resources, Inc. $TRGP

Key Points

• Lee Financial Co sold 2,607 shares of Targa Resources, reducing its stake by 56.6%, now holding 2,000 shares valued at approximately $401,000.
• Targa Resources recently declared a quarterly dividend of $1.00 per share, representing a significant increase from the previous $0.12 dividend.
• Analysts have a consensus rating of "Moderate Buy" for Targa Resources, with an average price target of $209.21, amid various rating upgrades from multiple financial firms.

Lee Financial Co reduced its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 56.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,000 shares of the pipeline company's stock after selling 2,607 shares during the period. Lee Financial Co's holdings in Targa Resources were worth $401,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of TRGP. Vanguard Group Inc. lifted its holdings in shares of Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock valued at $5,529,820,000 after purchasing an additional 423,667 shares in the last quarter. Wellington Management Group LLP lifted its stake in Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after acquiring an additional 962,631 shares during the period. Invesco Ltd. lifted its stake in Targa Resources by 3.2% during the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock valued at $915,338,000 after acquiring an additional 139,780 shares during the period. GQG Partners LLC grew its stake in shares of Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after acquiring an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after acquiring an additional 53,853 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Down 1.2%

NYSE:TRGP opened at $163.50 on Monday. Targa Resources, Inc. has a 52-week low of $140.90 and a 52-week high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The stock has a fifty day simple moving average of $168.57 and a 200-day simple moving average of $176.58. The company has a market capitalization of $35.18 billion, a PE ratio of 23.13, a price-to-earnings-growth ratio of 1.02 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, equities research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 56.58%.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. TD Cowen initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. Royal Bank Of Canada reiterated an "outperform" rating and set a $208.00 price objective (up previously from $205.00) on shares of Targa Resources in a report on Tuesday, August 12th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Three analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Targa Resources has an average rating of "Moderate Buy" and a consensus price target of $209.21.

Targa Resources Profile

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of complementary domestic midstream infrastructure assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Transportation. The company is involved in gathering, compressing, treating, processing, transporting, and selling natural gas; storing, fractionating, treating, transporting, and selling natural gas liquids (NGL) and NGL products, including services to liquefied petroleum gas exporters; and gathering, storing, terminaling, purchasing, and selling crude oil.

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