Targa Resources, Inc. $TRGP Shares Sold by RR Advisors LLC

Key Points

• RR Advisors LLC reduced its stake in Targa Resources, Inc. by 31.3%, selling 21,000 shares and currently holding 46,000 shares worth $9.28 million.
• Analyst ratings for Targa Resources are mostly positive, with a consensus rating of "Moderate Buy" and an average price target of $209.21.
• Targa Resources declared an increased quarterly dividend of $1.00 per share, marking a significant rise from the previous dividend of $0.12.

RR Advisors LLC decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 31.3% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,000 shares of the pipeline company's stock after selling 21,000 shares during the quarter. Targa Resources makes up 2.2% of RR Advisors LLC's holdings, making the stock its 12th largest holding. RR Advisors LLC's holdings in Targa Resources were worth $9,280,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of TRGP. GQG Partners LLC lifted its stake in Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after purchasing an additional 1,410,747 shares in the last quarter. Canada Pension Plan Investment Board lifted its stake in Targa Resources by 981.8% in the 4th quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock worth $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. Nuveen LLC purchased a new stake in Targa Resources in the 1st quarter worth $196,351,000. GAMMA Investing LLC raised its position in shares of Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock valued at $186,112,000 after buying an additional 924,305 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock valued at $551,033,000 after buying an additional 834,666 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

TRGP has been the topic of several recent research reports. Cfra Research upgraded shares of Targa Resources to a "hold" rating in a research report on Friday, August 8th. Royal Bank Of Canada upped their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Citigroup cut their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $209.21.

Targa Resources Stock Down 0.3%

Shares of NYSE TRGP traded down $0.5150 during midday trading on Tuesday, reaching $160.5350. 1,576,233 shares of the company's stock traded hands, compared to its average volume of 1,872,718. 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's 50 day simple moving average is $168.54 and its 200-day simple moving average is $176.33. Targa Resources, Inc. has a one year low of $140.90 and a one year high of $218.51. The company has a market cap of $34.55 billion, a price-to-earnings ratio of 22.71, a P/E/G ratio of 1.02 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating the consensus estimate 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, analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid 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 dividend payout ratio (DPR) is presently 56.58%.

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.