Oliver Luxxe Assets LLC Has $284,000 Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Oliver Luxxe Assets LLC reduced its stake in Targa Resources, Inc. by 57.2%, holding shares worth $284,000 after selling 2,188 shares in the latest quarter.
• Analysts have generally favored Targa Resources, with upgrades from Wall Street Zen and Barclays, and an average consensus rating of "Moderate Buy."
• Targa Resources announced a significant dividend increase to $1.00 per share, which reflects a 2.4% yield, up from the previous dividend of $0.12.

Oliver Luxxe Assets LLC reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 57.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,634 shares of the pipeline company's stock after selling 2,188 shares during the quarter. Oliver Luxxe Assets LLC's holdings in Targa Resources were worth $284,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted 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 buying an additional 110 shares in the last quarter. Ameriflex Group Inc. acquired a new stake in Targa Resources in the fourth quarter valued at about $31,000. Mascagni Wealth Management Inc. acquired a new stake in Targa Resources in the fourth quarter valued at about $32,000. Copia Wealth Management acquired a new stake in Targa Resources in the fourth quarter valued at about $37,000. Finally, Disciplina Capital Management LLC acquired a new stake in Targa Resources in the first quarter valued at about $46,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wall Street Zen raised Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday. Barclays raised their price objective on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. TD Cowen began coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. Finally, Royal Bank Of Canada lifted their price target on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources has an average rating of "Moderate Buy" and a consensus price target of $207.27.

Targa Resources Trading Up 0.6%

Shares of TRGP stock opened at $165.41 on Tuesday. The company has a market cap of $35.59 billion, a P/E ratio of 23.40, a PEG ratio of 0.97 and a beta of 1.21. The stock has a 50 day simple moving average of $165.04 and a two-hundred day simple moving average of $170.24. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a fifty-two week low of $144.30 and a fifty-two week high of $218.51.

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 for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued 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 2.4%. Targa Resources's dividend payout ratio is presently 56.58%.

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.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.