Targa Resources, Inc. $TRGP Shares Sold by Gulf International Bank UK Ltd

Key Points

• Gulf International Bank UK Ltd has reduced its stake in Targa Resources by 26.4%, now holding 12,366 shares valued at approximately $2.48 million.
• Targa Resources reported $2.87 EPS for the latest quarter, exceeding analyst expectations, while its revenue was lower than anticipated at $4.26 billion.
• The company has announced a significant increase in its quarterly dividend to $1.00 per share, up from $0.12, representing a 2.4% yield.

Gulf International Bank UK Ltd lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 26.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,366 shares of the pipeline company's stock after selling 4,428 shares during the quarter. Gulf International Bank UK Ltd's holdings in Targa Resources were worth $2,479,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC raised its position in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after buying an additional 110 shares during the period. Colonial Trust Co SC boosted its stake 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 in the last quarter. Cary Street Partners Financial LLC bought a new stake in Targa Resources during the 4th quarter valued at approximately $31,000. Ameriflex Group Inc. bought a new stake in Targa Resources during the 4th quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Targa Resources in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent research reports. The Goldman Sachs Group dropped their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research note on Thursday. TD Securities began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. UBS Group dropped their price target on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Finally, Cfra Research raised Targa Resources to a "hold" rating in a research report on Friday, August 8th. Three investment 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 company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $209.21.

Targa Resources Stock Down 1.2%

Shares of NYSE TRGP traded down $1.92 on Monday, reaching $161.27. 1,075,685 shares of the company's stock traded hands, compared to its average volume of 1,871,425. The company has a market cap of $34.70 billion, a price-to-earnings ratio of 22.81, a price-to-earnings-growth ratio of 1.02 and a beta of 1.12. 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 50 day simple moving average is $168.57 and its two-hundred day simple moving average is $176.58. Targa Resources, Inc. has a 12 month low of $140.90 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, equities research 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 was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.5%. Targa Resources's payout ratio is 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.