Recurrent Investment Advisors LLC Trims Stake in Targa Resources, Inc. $TRGP

Key Points

• Recurrent Investment Advisors cut its Targa Resources stake by 10.7% in the first quarter, selling 56,745 shares and retaining 471,801 shares valued at approximately $118.3 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $2.21, missing the $2.48 consensus estimate, while revenue of $4.09 billion also fell short of expectations. The company declared a $1.25 quarterly dividend, equivalent to a 1.9% annual yield.
• Analyst sentiment remains positive, with 17 Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $288, above the reported share price of $262.01.

Recurrent Investment Advisors LLC cut its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 10.7% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 471,801 shares of the pipeline company's stock after selling 56,745 shares during the quarter. Targa Resources comprises 7.1% of Recurrent Investment Advisors LLC's portfolio, making the stock its 2nd largest position. Recurrent Investment Advisors LLC owned approximately 0.22% of Targa Resources worth $118,295,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of TRGP. Empowered Funds LLC boosted its position in shares of Targa Resources by 212.0% in the 1st quarter. Empowered Funds LLC now owns 62,235 shares of the pipeline company's stock worth $15,604,000 after purchasing an additional 42,286 shares during the last quarter. KCM Investment Advisors LLC acquired a new stake in shares of Targa Resources during the first quarter worth $390,000. Infrastructure Capital Advisors LLC increased its holdings in Targa Resources by 4.6% in the first quarter. Infrastructure Capital Advisors LLC now owns 93,591 shares of the pipeline company's stock valued at $23,466,000 after purchasing an additional 4,114 shares during the last quarter. Quantinno Capital Management LP lifted its stake in Targa Resources by 26.2% in the first quarter. Quantinno Capital Management LP now owns 131,131 shares of the pipeline company's stock valued at $32,879,000 after buying an additional 27,205 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in Targa Resources by 33.8% in the first quarter. Lazard Asset Management LLC now owns 106,738 shares of the pipeline company's stock valued at $26,762,000 after buying an additional 26,934 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the firm's stock in a transaction that occurred 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 sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.37% of the company's stock.

Targa Resources Stock Down 2.1%

NYSE:TRGP opened at $262.01 on Wednesday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64. The stock has a market cap of $56.24 billion, a price-to-earnings ratio of 26.49, a PEG ratio of 1.37 and a beta of 0.71. The stock has a 50-day moving average price of $269.42 and a two-hundred day moving average price of $243.64.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. As a group, equities analysts expect that Targa Resources, Inc. will post 10.77 earnings per share for the current year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, July 31st. Targa Resources's dividend payout ratio is presently 50.56%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Mizuho boosted their target price on Targa Resources from $260.00 to $300.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 27th. Jefferies Financial Group initiated coverage on shares of Targa Resources in a research report on Thursday, June 18th. They issued a "buy" rating and a $314.00 price target on the stock. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a research note on Thursday, July 2nd. The Goldman Sachs Group boosted their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the company a "buy" rating in a report on Monday, April 20th. Finally, US Capital Advisors downgraded shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 29th. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Moderate Buy" and an average target price of $288.00.

Targa Resources 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.

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