SageView Advisory Group LLC Has $349,000 Stock Position in Targa Resources, Inc. $TRGP

Key Points

• SageView Advisory Group LLC has significantly reduced its position in Targa Resources, lowering its stake by 50.6% in the first quarter, with holdings now valued at $349,000.
• Targa Resources recently declared a quarterly dividend of $1.00 per share, resulting in an annualized dividend of $4.00 and a yield of 2.4%, an increase from the previous quarter's dividend.
• Analysts have mixed ratings on Targa Resources, with Barclays raising their price target to $195.00 and Wells Fargo increasing theirs to $205.00, while other firms have downgraded their ratings.

SageView Advisory Group LLC reduced its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 50.6% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,743 shares of the pipeline company's stock after selling 1,788 shares during the period. SageView Advisory Group LLC's holdings in Targa Resources were worth $349,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TRGP. Cornerstone Planning Group LLC grew its stake in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after purchasing an additional 110 shares during the period. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $31,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $32,000. Copia Wealth Management acquired a new stake in shares of Targa Resources during the fourth quarter worth $37,000. Finally, Disciplina Capital Management LLC acquired a new stake in shares of Targa Resources during the first quarter worth $46,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on TRGP. Barclays lifted their price objective on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Wall Street Zen cut Targa Resources from a "buy" rating to a "hold" rating in a research note on Saturday. Mizuho decreased their target price on Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research note on Friday, August 29th. Finally, TD Securities initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating for the company. One research 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $208.86.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $166.38 on Friday. The firm has a market cap of $35.80 billion, a price-to-earnings ratio of 23.53, a price-to-earnings-growth ratio of 1.01 and a beta of 1.20. The stock's 50-day moving average is $165.85 and its 200-day moving average is $171.60. Targa Resources, Inc. has a one year low of $144.30 and a one year high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

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

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio 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.

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