Targa Resources, Inc. $TRGP Shares Sold by Nomura Holdings Inc.

Key Points

• Nomura Holdings Inc. reduced its stake in Targa Resources, Inc. by 67.6%, selling 6,676 shares, and now holds 3,205 shares valued at approximately $643,000.
• Several institutional investors significantly increased their holdings in Targa Resources, with Panagora Asset Management growing its stake by 1,431% to 228,720 shares worth $45.85 million.
• Targa Resources announced a quarterly dividend increase to $1.00 per share, up from $0.12, reflecting an annualized yield of 2.4%.

Nomura Holdings Inc. lowered its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 67.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 3,205 shares of the pipeline company's stock after selling 6,676 shares during the quarter. Nomura Holdings Inc.'s holdings in Targa Resources were worth $643,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC increased its stake in Targa Resources by 578.9% in the first 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. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the 4th quarter valued at $31,000. Colonial Trust Co SC grew its position 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 valued at $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in Targa Resources during the 4th quarter worth $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in Targa Resources in the fourth quarter valued at $32,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

NYSE:TRGP traded down $4.08 during midday trading on Friday, reaching $162.46. The stock had a trading volume of 1,636,781 shares, compared to its average volume of 1,341,751. 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 market cap of $34.96 billion, a P/E ratio of 22.98, a P/E/G ratio of 0.99 and a beta of 1.20. The firm has a fifty day simple moving average of $166.86 and a two-hundred day simple moving average of $172.44. Targa Resources, Inc. has a 12-month low of $142.11 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The company 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 analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a $1.00 dividend. The ex-dividend date was Thursday, July 31st. This is an increase from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. Targa Resources's payout ratio is 56.58%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. JPMorgan Chase & Co. boosted their price objective on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. UBS Group decreased their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Finally, TD Cowen started coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $208.86.

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.