PNC Financial Services Group Inc. Sells 5,311 Shares of Targa Resources, Inc. $TRGP

Key Points

• PNC Financial Services reduced its Targa Resources stake by 15.3%, selling 5,311 shares and retaining 29,494 shares valued at approximately $7.4 million. Institutional investors collectively own 92.13% of TRGP.
• Targa Resources reported quarterly EPS of $2.21, below the $2.48 analyst consensus, while revenue of $4.09 billion also missed estimates. Shares opened at $281.04, near the company’s 52-week high of $291.04.
• The company declared a quarterly dividend of $1.25 per share, equivalent to $5.00 annually and a 1.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $288.00.

PNC Financial Services Group Inc. decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 15.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,494 shares of the pipeline company's stock after selling 5,311 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Targa Resources were worth $7,395,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TRGP. Norges Bank acquired a new stake in shares of Targa Resources in the 4th quarter valued at $735,758,000. Goldman Sachs Group Inc. lifted its stake in shares of Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after acquiring an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Targa Resources during the third quarter valued at $121,426,000. Tortoise Capital Advisors L.L.C. boosted its holdings in Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock valued at $625,272,000 after acquiring an additional 572,562 shares during the last quarter. Finally, UniSuper Management Pty Ltd boosted its holdings in Targa Resources by 1,811.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company's stock valued at $81,980,000 after acquiring an additional 421,084 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares of the company's stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 1.37% of the company's stock.

Targa Resources Price Performance

Shares of TRGP opened at $281.04 on Monday. The stock has a market cap of $60.32 billion, a P/E ratio of 28.42, a price-to-earnings-growth ratio of 1.44 and a beta of 0.71. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The stock's 50-day moving average price is $269.86 and its two-hundred day moving average price is $242.40. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. On average, equities analysts predict that Targa Resources, Inc. will post 10.76 earnings per share for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $1.25 dividend. The ex-dividend date is Friday, July 31st. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources's dividend payout ratio (DPR) is 50.56%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on TRGP. Mizuho boosted their price objective on Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. TD Cowen raised their target price on shares of Targa Resources from $245.00 to $270.00 and gave the company a "hold" rating in a research note on Thursday, July 16th. US Capital Advisors cut shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. Citigroup reissued a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. Finally, Morgan Stanley restated an "overweight" rating and issued a $333.00 price objective on shares of Targa Resources in a report on Tuesday, July 21st. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Targa Resources presently has a consensus rating of "Moderate Buy" and a consensus price target of $288.00.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.