Targa Resources, Inc. (NYSE:TRGP) Shares Sold by Lindbrook Capital LLC

Lindbrook Capital LLC lowered its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 12.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,557 shares of the pipeline company's stock after selling 1,476 shares during the quarter. Lindbrook Capital LLC's holdings in Targa Resources were worth $2,116,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of TRGP. Vanguard Group Inc. increased its position in Targa Resources by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after buying an additional 150,038 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Targa Resources by 3.7% in the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock valued at $1,056,187,000 after purchasing an additional 212,986 shares during the period. Norges Bank purchased a new stake in shares of Targa Resources in the fourth quarter valued at $505,132,000. Price T Rowe Associates Inc. MD boosted its holdings in Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock valued at $492,022,000 after acquiring an additional 53,853 shares during the last quarter. Finally, GQG Partners LLC acquired a new position in Targa Resources in the fourth quarter valued at $393,335,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Trading Up 2.9%

Shares of NYSE TRGP opened at $171.24 on Friday. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The stock has a market cap of $37.15 billion, a P/E ratio of 31.54, a price-to-earnings-growth ratio of 1.12 and a beta of 1.07. The firm has a 50-day moving average of $167.58 and a 200 day moving average of $181.73. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS 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 during the quarter, compared to the consensus estimate of $5.01 billion. As a group, sell-side analysts expect 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. Investors of record on Thursday, July 31st will be given a $1.00 dividend. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Citigroup reduced their price objective on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Barclays upped their price target on shares of Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. TD Cowen assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 target price for the company. The Goldman Sachs Group dropped their price objective 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, Mizuho set a $212.00 target price on shares of Targa Resources and gave the stock an "outperform" rating in a report on Tuesday, May 20th. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $209.86.

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.

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