Targa Resources, Inc. $TRGP Shares Sold by Miller Howard Investments Inc. NY

Key Points

• Miller Howard Investments Inc. sold 77,696 shares of Targa Resources, Inc., reducing its holdings by 32.6%, now owning approximately 160,552 shares valued at $27,949,000.
• TD Cowen initiated coverage on Targa Resources with a "hold" rating and a target price of $192.00, while Wells Fargo increased its target price to $205.00.
• Targa Resources recently increased its quarterly dividend from $0.12 to $1.00, representing an annualized dividend of $4.00 and yielding 2.4%.

Miller Howard Investments Inc. NY lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 32.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 160,552 shares of the pipeline company's stock after selling 77,696 shares during the quarter. Miller Howard Investments Inc. NY owned about 0.07% of Targa Resources worth $27,949,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. GQG Partners LLC grew its holdings in shares of Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock valued at $724,560,000 after purchasing an additional 1,410,747 shares during the last quarter. Nuveen LLC bought a new stake in shares of Targa Resources during the first quarter worth about $196,351,000. Wellington Management Group LLP increased its stake in shares of Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock valued at $2,764,673,000 after buying an additional 962,631 shares during the period. GAMMA Investing LLC grew its holdings in Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after acquiring an additional 924,305 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in Targa Resources by 43.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock valued at $551,033,000 after acquiring an additional 834,666 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP traded down $5.73 during trading hours on Friday, hitting $164.39. The stock had a trading volume of 3,499,316 shares, compared to its average volume of 1,249,636. The firm has a market capitalization of $35.38 billion, a PE ratio of 23.25, a PEG ratio of 0.97 and a beta of 1.20. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a 12 month low of $144.30 and a 12 month high of $218.51. The stock has a fifty day moving average price of $165.18 and a 200 day moving average price of $170.43.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid 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 was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Wall Street Analyst Weigh In

TRGP has been the subject of several analyst reports. BMO Capital Markets started coverage on shares of Targa Resources in a report on Friday. They set an "outperform" rating and a $185.00 price target for the company. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Wall Street Zen lowered Targa Resources from a "buy" rating to a "hold" rating in a research report on Saturday, September 13th. Finally, Cfra Research raised Targa Resources to a "hold" rating in a research note on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and a consensus target price of $207.27.

Targa Resources Company 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.