DekaBank Deutsche Girozentrale cut its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 62,744 shares of the pipeline company's stock after selling 8,294 shares during the period. DekaBank Deutsche Girozentrale's holdings in Targa Resources were worth $12,322,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Ameriflex Group Inc. bought a new stake in shares of Targa Resources in the 4th quarter valued at approximately $31,000. Colonial Trust Co SC lifted its stake in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after purchasing an additional 162 shares during the last quarter. Atala Financial Inc acquired a new position in Targa Resources in the fourth quarter worth $31,000. Cary Street Partners Financial LLC acquired a new position in Targa Resources in the fourth quarter worth $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources during the fourth quarter valued at $32,000. 92.13% of the stock is currently owned by institutional investors.
Targa Resources Stock Up 0.0%
Shares of Targa Resources stock opened at $170.73 on Friday. 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, Inc. has a 1-year low of $122.56 and a 1-year high of $218.51. The business's fifty day moving average price is $166.34 and its two-hundred day moving average price is $182.08. The company has a market capitalization of $37.04 billion, a P/E ratio of 31.44, a PEG ratio of 0.61 and a beta of 1.07.
Targa Resources (NYSE:TRGP - Get Free Report) last issued 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 net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current year.
Targa Resources Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be paid a dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is presently 73.66%.
Wall Street Analysts Forecast Growth
A number of research firms have recently issued reports on TRGP. Citigroup reduced their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. TD Securities began coverage on shares of Targa Resources in a research note on Monday. They set a "hold" rating on the stock. Morgan Stanley raised their target price on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. Scotiabank upped their target price on Targa Resources from $193.00 to $197.00 and gave the company a "sector outperform" rating in a report on Thursday, June 5th. Finally, TD Cowen started coverage on Targa Resources in a research report on Monday. They set a "hold" rating and a $192.00 price target on the stock. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Buy" and a consensus price target of $209.57.
Read Our Latest Stock Analysis on Targa Resources
About Targa Resources
(
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.
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