SCS Capital Management LLC Sells 11,880 Shares of Targa Resources, Inc. $TRGP

Key Points

• SCS Capital Management reduced its Targa Resources stake by 10.8% in the second quarter, selling 11,880 shares and retaining 98,041 shares valued at approximately $26.3 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly EPS of $3.54, beating estimates of $2.83, though revenue of $4.44 billion fell short of the $4.90 billion forecast. Analysts currently have a consensus “Buy” rating and an average price target of $295.35.
• The company paid a quarterly dividend of $1.25 per share, equivalent to $5.00 annually and a 1.8% yield. Shares opened at $275.77, near their 52-week high of $291.04.

SCS Capital Management LLC reduced its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 10.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,041 shares of the pipeline company's stock after selling 11,880 shares during the period. SCS Capital Management LLC's holdings in Targa Resources were worth $26,289,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Woodline Partners LP lifted its holdings in shares of Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company's stock worth $3,693,000 after buying an additional 5,327 shares during the period. Focus Partners Wealth grew its position in shares of Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company's stock worth $788,000 after buying an additional 2,404 shares in the last quarter. Baird Financial Group Inc. increased its stake in shares of Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company's stock valued at $644,000 after buying an additional 219 shares during the period. Brown Advisory Inc. increased its stake in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company's stock valued at $787,000 after buying an additional 524 shares during the period. Finally, Cerity Partners LLC raised its holdings in shares of Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company's stock valued at $5,550,000 after acquiring an additional 3,163 shares in the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP stock opened at $275.77 on Friday. 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 is $269.33 and its 200 day moving average is $250.72. The company has a market cap of $59.13 billion, a P/E ratio of 26.36, a PEG ratio of 1.38 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Research analysts predict that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources's payout ratio is presently 47.80%.

Analyst Ratings Changes

A number of research firms recently weighed in on TRGP. Barclays upped their price objective on shares of Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a research note on Friday, August 7th. Weiss Ratings restated a "buy (b)" rating on shares of Targa Resources in a report on Thursday, July 2nd. UBS Group reaffirmed a "buy" rating and issued a $318.00 price target on shares of Targa Resources in a research report on Thursday, July 9th. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a research note on Friday, May 8th. Finally, Citigroup reissued a "buy" rating on shares of Targa Resources in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Targa Resources has a consensus rating of "Buy" and a consensus price target of $295.35.

About Targa Resources

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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source