Targa Resources, Inc. $TRGP Shares Sold by Ethic Inc.

Key Points

• Ethic Inc. has reduced its stake in Targa Resources, Inc. by 4.1%, ending the first quarter with 49,256 shares valued at $10 million.
• Targa Resources reported a quarterly earnings per share (EPS) of $2.87, exceeding analysts' expectations of $1.95, alongside a revenue of $4.26 billion.
• The company declared a quarterly dividend of $1.00 per share, representing a significant increase from the previous dividend of $0.12, with a yield of 2.4%.

Ethic Inc. cut its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 4.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 49,256 shares of the pipeline company's stock after selling 2,085 shares during the period. Ethic Inc.'s holdings in Targa Resources were worth $10,002,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Snowden Capital Advisors LLC lifted its holdings in shares of Targa Resources by 2.0% in the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock valued at $473,000 after purchasing an additional 53 shares during the last quarter. Ritholtz Wealth Management raised its stake in Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after acquiring an additional 62 shares during the last quarter. Stratos Wealth Advisors LLC raised its stake in shares of Targa Resources by 3.6% during the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after buying an additional 62 shares in the last quarter. Curated Wealth Partners LLC raised its stake in shares of Targa Resources by 2.2% during the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after buying an additional 73 shares in the last quarter. Finally, Baker Avenue Asset Management LP raised its stake in shares of Targa Resources by 0.8% during the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock worth $1,648,000 after buying an additional 74 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of research reports. TD Securities began coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating on the stock. Citigroup decreased their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a report on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Cfra Research raised Targa Resources to a "hold" rating in a research report on Friday, August 8th. Finally, TD Cowen initiated coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective on the stock. Two research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded down $0.0450 during trading on Wednesday, hitting $160.7250. 362,860 shares of the company traded hands, compared to its average volume of 1,863,191. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The business's fifty day moving average is $168.45 and its 200-day moving average is $176.22. The stock has a market capitalization of $34.59 billion, a price-to-earnings ratio of 22.75, a PEG ratio of 1.01 and a beta of 1.12. Targa Resources, Inc. has a one year low of $141.58 and a one year high of $218.51.

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

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's payout ratio is currently 56.58%.

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.