SG Americas Securities LLC Has $19.42 Million Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• SG Americas Securities LLC cut its stake in Targa Resources by 42.3% in Q1, leaving it with 77,465 shares valued at about $19.4 million.
• Targa Resources reported mixed first-quarter results, with EPS of $2.21 and revenue of $4.09 billion, both below analyst expectations.
• The company raised its quarterly dividend to $1.25 per share from $1.00, and analysts remain broadly positive with a consensus Moderate Buy rating and average target price of $272.73.

SG Americas Securities LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 42.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 77,465 shares of the pipeline company's stock after selling 56,813 shares during the period. SG Americas Securities LLC's holdings in Targa Resources were worth $19,423,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Evolve Private Wealth LLC raised its position in Targa Resources by 9.3% in the first quarter. Evolve Private Wealth LLC now owns 1,243 shares of the pipeline company's stock worth $312,000 after purchasing an additional 106 shares in the last quarter. Triad Wealth Partners LLC grew its stake in shares of Targa Resources by 5.3% in the 1st quarter. Triad Wealth Partners LLC now owns 5,782 shares of the pipeline company's stock valued at $1,450,000 after purchasing an additional 293 shares during the period. Breakthru Advisory Services LLC bought a new stake in shares of Targa Resources in the 1st quarter valued at approximately $244,000. Diversified Trust Co raised its holdings in shares of Targa Resources by 5.5% in the 1st quarter. Diversified Trust Co now owns 2,777 shares of the pipeline company's stock worth $696,000 after buying an additional 144 shares in the last quarter. Finally, Hsbc Holdings PLC raised its holdings in shares of Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock worth $151,331,000 after buying an additional 53,413 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction dated 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 owned 66,492 shares of the company's stock, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.37% of the stock is currently owned by corporate insiders.

Targa Resources Trading Up 2.6%

TRGP stock opened at $273.25 on Friday. The business has a fifty day moving average price of $258.91 and a 200 day moving average price of $228.83. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The stock has a market capitalization of $58.65 billion, a price-to-earnings ratio of 27.63, a P/E/G ratio of 1.36 and a beta of 0.72. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Analysts expect that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. This is a positive change from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources's dividend payout ratio is currently 50.56%.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. UBS Group boosted their price target on Targa Resources from $228.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, March 24th. Barclays increased their price objective on Targa Resources from $262.00 to $270.00 and gave the stock an "overweight" rating in a research note on Tuesday. TD Cowen boosted their target price on shares of Targa Resources from $236.00 to $245.00 and gave the company a "hold" rating in a research note on Monday, May 11th. US Capital Advisors lowered shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. Finally, Wells Fargo & Company increased their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Seventeen equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat.com, Targa Resources presently has a consensus rating of "Moderate Buy" and an average target price of $272.73.

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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