LPL Financial LLC Sells 5,607 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• LPL Financial LLC reduced its holdings in Targa Resources by 3.6%, selling 5,607 shares and owning approximately 150,956 shares valued at $30.26 million as of its latest SEC filing.
• Analysts maintain a positive outlook on Targa Resources, with ratings from firms such as Scotiabank and US Capital Advisors indicating an "outperform" and "strong-buy" respectively, while the average price target is set at $209.86.
• Targa Resources recently announced a significant increase in its quarterly dividend from $0.12 to $1.00 per share, representing a 2.5% yield with a payout ratio of 73.66%.

LPL Financial LLC lessened its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 3.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 150,956 shares of the pipeline company's stock after selling 5,607 shares during the quarter. LPL Financial LLC owned 0.07% of Targa Resources worth $30,262,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Snowden Capital Advisors LLC boosted its holdings in Targa Resources by 2.0% in the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after purchasing an additional 53 shares during the period. Ritholtz Wealth Management raised its stake in shares of Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after buying an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC boosted its position in shares of Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after buying an additional 62 shares in the last quarter. Curated Wealth Partners LLC lifted its position in shares of Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock valued at $670,000 after acquiring an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP grew its stake in Targa Resources by 0.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after acquiring an additional 74 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Down 0.7%

NYSE TRGP traded down $1.17 during trading on Tuesday, hitting $163.65. The stock had a trading volume of 2,044,698 shares, compared to its average volume of 1,886,902. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The company's 50-day moving average price is $167.92 and its two-hundred day moving average price is $179.28. The company has a market capitalization of $35.50 billion, a PE ratio of 30.14, a P/E/G ratio of 1.06 and a beta of 1.12. Targa Resources, Inc. has a 12 month low of $128.44 and a 12 month high of $218.51.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. Targa Resources's payout ratio is presently 73.66%.

Analyst Ratings Changes

A number of research firms have recently issued reports on TRGP. Royal Bank Of Canada reiterated an "outperform" rating and issued a $205.00 target price on shares of Targa Resources in a research note on Tuesday, July 15th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Tuesday, July 15th. The Goldman Sachs Group lowered their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. US Capital Advisors upgraded Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Finally, TD Securities began coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating for the company. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $209.86.

About Targa Resources

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.