SL Advisors LLC Sells 5,105 Shares of Targa Resources, Inc. (NYSE:TRGP)

SL Advisors LLC reduced its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 21.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,581 shares of the pipeline company's stock after selling 5,105 shares during the period. Targa Resources accounts for about 6.5% of SL Advisors LLC's investment portfolio, making the stock its 7th biggest holding. SL Advisors LLC's holdings in Targa Resources were worth $3,725,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Norges Bank bought a new position in shares of Targa Resources in the fourth quarter valued at $505,132,000. GQG Partners LLC bought a new position in shares of Targa Resources in the fourth quarter valued at $393,335,000. Canada Pension Plan Investment Board increased its holdings in shares of Targa Resources by 981.8% in the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company's stock valued at $204,223,000 after buying an additional 1,038,350 shares in the last quarter. GAMMA Investing LLC raised its stake in Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock valued at $186,112,000 after purchasing an additional 924,305 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Targa Resources during the 4th quarter valued at $150,372,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of NYSE TRGP traded up $1.97 during mid-day trading on Tuesday, hitting $174.43. 1,712,426 shares of the stock were exchanged, compared to its average volume of 1,837,656. The company has a market cap of $37.84 billion, a P/E ratio of 32.12, a PEG ratio of 0.62 and a beta of 1.07. The stock's fifty day simple moving average is $166.24 and its two-hundred day simple moving average is $182.27. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. Targa Resources, Inc. has a twelve month low of $122.56 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. As a group, analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

TRGP has been the topic of a number of research reports. Truist Financial upped their price target on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. TD Cowen began coverage on shares of Targa Resources in a report on Monday. They set a "hold" rating and a $192.00 price target for the company. TD Securities began coverage on shares of Targa Resources in a report on Monday. They set a "hold" rating for the company. The Goldman Sachs Group decreased their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, US Capital Advisors upgraded shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a report on Monday, April 7th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average price target of $208.31.

Targa Resources Company 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.