Free Trial

Citigroup Inc. Cuts Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Targa Resources logo with Energy background

Key Points

  • Citigroup Inc. reduced its stake in Targa Resources by 46.8%, selling 184,622 shares in the first quarter, leaving them with 0.10% ownership valued at approximately $42 million.
  • Targa Resources recently announced a significant increase in its quarterly dividend from $0.12 to $1.00, resulting in an annualized dividend of $4.00 and a yield of 2.4%.
  • The company's stock has experienced a 1.1% decline, opening at $165.07, with a fifty-two week price range between $135.16 and $218.51.
  • Need better tools to track Targa Resources? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Citigroup Inc. decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 46.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 209,511 shares of the pipeline company's stock after selling 184,622 shares during the period. Citigroup Inc. owned 0.10% of Targa Resources worth $42,001,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Cornerstone Planning Group LLC grew its holdings in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after acquiring an additional 110 shares during the period. Colonial Trust Co SC grew its holdings in shares of Targa Resources by 5,400.0% during 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 during the period. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources in the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources in the 4th quarter worth approximately $32,000. Institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of NYSE TRGP traded down $1.15 during midday trading on Thursday, hitting $165.59. 960,294 shares of the stock traded hands, compared to its average volume of 1,878,137. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The firm has a market capitalization of $35.63 billion, a P/E ratio of 23.42, a PEG ratio of 1.05 and a beta of 1.12. Targa Resources, Inc. has a one year low of $140.74 and a one year high of $218.51. The firm has a 50-day moving average of $168.61 and a two-hundred day moving average of $177.46.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is currently 56.58%.

Analysts Set New Price Targets

Several research firms recently weighed in on TRGP. The Goldman Sachs Group cut their price target 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. Mizuho set a $212.00 price target on Targa Resources and gave the stock an "outperform" rating in a research note on Tuesday, May 20th. TD Securities began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $208.00 price objective (up from $205.00) on shares of Targa Resources in a research report on Tuesday. Finally, Citigroup lowered their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Three research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Targa Resources has a consensus rating of "Moderate Buy" and an average target price of $209.21.

Check Out Our Latest Research Report on TRGP

Targa Resources Profile

(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.

Featured Stories

Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

Should You Invest $1,000 in Targa Resources Right Now?

Before you consider Targa Resources, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Targa Resources wasn't on the list.

While Targa Resources currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

(Almost)  Everything You Need To Know About The EV Market Cover

Looking to profit from the electric vehicle mega-trend? Enter your email address and we'll send you our list of which EV stocks show the most long-term potential.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

September Slowdown: 3 Stocks to Buy When the Pullback Comes
3 Overlooked Stocks Riding the AI Data Center Boom
3 Growth Stock Winners to Watch And 3 to Avoid

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines