National Pension Service Reduces Holdings in Targa Resources, Inc. $TRGP

Key Points

• The National Pension Service sold 18,219 shares of Targa Resources, Inc., reducing its stake by 6.9% to a total of 246,986 shares valued at approximately $49.5 million.
• Several large investors, including Oppenheimer & Co. and Bessemer Group, increased their stakes in Targa Resources, highlighting strong interest as 92.13% of the stock is held by institutional investors.
• Targa Resources reported a beat in quarterly earnings with $2.87 per share, surpassing the consensus estimate of $1.95, but noted revenues fell short of expectations at $4.26 billion.

National Pension Service trimmed its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 6.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 246,986 shares of the pipeline company's stock after selling 18,219 shares during the quarter. National Pension Service owned 0.11% of Targa Resources worth $49,513,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Colonial Trust Co SC boosted its stake in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC bought a new position in Targa Resources during the fourth quarter valued at about $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the fourth quarter valued at $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at approximately $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Down 0.2%

Shares of TRGP stock traded down $0.2680 during trading on Tuesday, hitting $160.7820. 337,616 shares of the stock traded hands, compared to its average volume of 1,864,631. Targa Resources, Inc. has a 52-week low of $140.90 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market capitalization of $34.60 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 1.02 and a beta of 1.12. The firm's fifty day moving average price is $168.54 and its 200-day moving average price is $176.33.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. The firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's payout ratio is presently 56.58%.

Analyst Ratings Changes

TRGP has been the subject of several recent analyst reports. Royal Bank Of Canada boosted their target price on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. TD Cowen initiated coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 target price for the company. TD Securities initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. UBS Group decreased their target price on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Targa Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $209.21.

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.