Resolution Capital Ltd Sells 4,234 Shares of Targa Resources, Inc. $TRGP

Key Points

• Resolution Capital Ltd reduced its stake in Targa Resources, selling 4,234 shares, resulting in a 41.1% decrease in its holdings to 6,059 shares valued at $1,215,000.
• Targa Resources declared a quarterly dividend of $1.00 per share, significantly increasing from the previous dividend of $0.12, representing an annual yield of 2.5%.
• Analysts have set a new average price target of $208.86 for Targa Resources, with the majority recommending a “Buy” or “Overweight” rating.

Resolution Capital Ltd lowered its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 41.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 6,059 shares of the pipeline company's stock after selling 4,234 shares during the period. Resolution Capital Ltd's holdings in Targa Resources were worth $1,215,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Palo Duro Investment Partners LP boosted its holdings in Targa Resources by 24.8% in the 1st quarter. Palo Duro Investment Partners LP now owns 13,586 shares of the pipeline company's stock worth $2,724,000 after buying an additional 2,701 shares during the period. Nissay Asset Management Corp Japan ADV boosted its holdings in Targa Resources by 0.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 25,500 shares of the pipeline company's stock worth $5,112,000 after buying an additional 209 shares during the period. NewEdge Advisors LLC boosted its holdings in Targa Resources by 36.7% in the 1st quarter. NewEdge Advisors LLC now owns 17,198 shares of the pipeline company's stock worth $3,448,000 after buying an additional 4,613 shares during the period. Nippon Life Global Investors Americas Inc. boosted its holdings in Targa Resources by 279.7% in the 1st quarter. Nippon Life Global Investors Americas Inc. now owns 78,600 shares of the pipeline company's stock worth $15,757,000 after buying an additional 57,900 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Targa Resources by 9.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 632,241 shares of the pipeline company's stock worth $126,745,000 after buying an additional 54,771 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Down 2.4%

Shares of NYSE TRGP opened at $162.46 on Friday. The firm's 50-day moving average price is $166.86 and its 200-day moving average price is $172.93. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The stock has a market capitalization of $34.96 billion, a price-to-earnings ratio of 22.98, a P/E/G ratio of 1.02 and a beta of 1.20. 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 issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for 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 research analysts anticipate that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

Analysts Set New Price Targets

TRGP has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Wells Fargo & Company reiterated an "overweight" rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. TD Securities assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. One 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 MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $208.86.

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.

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