Mizuho Securities USA LLC Has $3.50 Million Stock Position in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Mizuho Securities USA LLC reduced its stake in Targa Resources by 15.5%, owning 17,460 shares worth approximately $3.5 million after selling 3,207 shares in the first quarter.
• Targa Resources reported earnings of $2.87 per share, exceeding estimates of $1.95, but its revenue of $4.26 billion fell short of expectations.
• The company recently increased its quarterly dividend to $1.00 per share, leading to an annualized dividend yield of 2.4% and a payout ratio of 73.66%.

Mizuho Securities USA LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 15.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 17,460 shares of the pipeline company's stock after selling 3,207 shares during the period. Mizuho Securities USA LLC's holdings in Targa Resources were worth $3,500,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the business. Cornerstone Planning Group LLC lifted its stake in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in Targa Resources in the 4th quarter valued at about $31,000. Colonial Trust Co SC lifted its stake in Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after purchasing an additional 162 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in Targa Resources in the 4th quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in Targa Resources in the 4th quarter valued at about $32,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TD Securities assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating for the company. JPMorgan Chase & Co. raised their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the stock an "outperform" rating in a research report on Tuesday, May 20th. Citigroup cut their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research report on Friday, May 9th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $208.00 price objective (up from $205.00) on shares of Targa Resources in a research report on Tuesday. Three 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. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $209.21.

Targa Resources Price Performance

NYSE:TRGP traded down $1.15 during mid-day trading on Thursday, reaching $165.59. The stock had a trading volume of 1,399,870 shares, compared to its average volume of 1,878,920. The stock has a 50-day simple moving average of $168.61 and a two-hundred day simple moving average of $177.46. The stock has a market capitalization of $35.63 billion, a PE ratio of 23.42, a P/E/G ratio of 1.05 and a beta of 1.12. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a 12 month low of $140.74 and a 12 month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, equities analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors 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%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. Targa Resources's payout ratio is 56.58%.

About Targa Resources

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.