Summit Global Investments Sells 16,086 Shares of Targa Resources Corp. (NYSE:TRGP)

Summit Global Investments reduced its position in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 53.1% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 14,185 shares of the pipeline company's stock after selling 16,086 shares during the quarter. Summit Global Investments' holdings in Targa Resources were worth $2,844,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its holdings in shares of Targa Resources by 22,699.0% in the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Versant Capital Management Inc increased its holdings in Targa Resources by 43.4% in the 1st quarter. Versant Capital Management Inc now owns 1,173 shares of the pipeline company's stock worth $235,000 after buying an additional 355 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Targa Resources by 27.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the pipeline company's stock worth $231,000 after buying an additional 245 shares in the last quarter. Mascagni Wealth Management Inc. bought a new stake in Targa Resources in the 4th quarter worth about $32,000. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Targa Resources by 134.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,299 shares of the pipeline company's stock worth $5,587,000 after acquiring an additional 17,928 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TRGP. Morgan Stanley lifted their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a research note on Monday, March 17th. Royal Bank of Canada cut their target price on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Mizuho set a $212.00 price objective on Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Finally, The Goldman Sachs Group cut their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $198.79.

Targa Resources Stock Performance

NYSE:TRGP traded down $0.78 during mid-day trading on Friday, hitting $157.71. 4,020,354 shares of the company traded hands, compared to its average volume of 1,812,967. The stock's fifty day moving average price is $170.23 and its 200-day moving average price is $186.67. Targa Resources Corp. has a one year low of $114.51 and a one year high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The firm has a market cap of $34.21 billion, a price-to-earnings ratio of 27.48, a price-to-earnings-growth ratio of 0.61 and a beta of 1.22.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. Research analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's payout ratio is currently 73.66%.

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.