Navellier & Associates Inc. decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 64,489 shares of the pipeline company's stock after selling 3,649 shares during the period. Targa Resources accounts for approximately 1.8% of Navellier & Associates Inc.'s portfolio, making the stock its 8th biggest holding. Navellier & Associates Inc.'s holdings in Targa Resources were worth $12,928,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC lifted its position in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after acquiring an additional 110 shares in the last quarter. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $31,000. Colonial Trust Co SC grew its position in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after acquiring an additional 162 shares in the last quarter. Cary Street Partners Financial LLC bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.
Targa Resources Price Performance
Shares of NYSE TRGP traded up $0.02 during midday trading on Friday, reaching $165.66. The company's stock had a trading volume of 1,280,951 shares, compared to its average volume of 1,360,472. Targa Resources, Inc. has a fifty-two week low of $122.56 and a fifty-two week high of $218.51. The company has a market cap of $35.94 billion, a P/E ratio of 30.51, a P/E/G ratio of 1.08 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The business's 50 day moving average price is $167.29 and its two-hundred day moving average price is $181.02.
Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. On average, analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.
Targa Resources Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.41%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is currently 73.66%.
Analyst Ratings Changes
A number of research analysts have recently weighed in on TRGP shares. TD Cowen started coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. The Goldman Sachs Group lowered their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. TD Securities started coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating on the stock. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Tuesday, July 15th. Finally, US Capital Advisors raised Targa Resources from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 7th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $209.86.
View Our Latest Research Report on TRGP
About Targa Resources
(
Free Report)
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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