Jefferies Financial Group Inc. Sells 90,945 Shares of Targa Resources, Inc. (NYSE:TRGP)

Key Points

• Jefferies Financial Group Inc. reduced its holdings in Targa Resources by 96.5%, dropping from 94,196 shares to just 3,251 shares, according to a recent SEC filing.
• Targa Resources has increased its quarterly dividend from $0.12 to $1.00 per share, representing a 2.4% dividend yield.
• Analysts maintain a positive outlook on Targa Resources, with a consensus rating of "Buy" and a target price averaging $209.86.

Jefferies Financial Group Inc. trimmed its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 96.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,251 shares of the pipeline company's stock after selling 90,945 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Targa Resources were worth $652,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. World Investment Advisors acquired a new stake in shares of Targa Resources in the 4th quarter valued at $288,000. Prudential PLC raised its holdings in shares of Targa Resources by 170.0% in the fourth quarter. Prudential PLC now owns 7,106 shares of the pipeline company's stock valued at $1,268,000 after buying an additional 4,474 shares during the last quarter. Shelton Capital Management purchased a new position in shares of Targa Resources in the 4th quarter valued at approximately $221,000. Bank of Nova Scotia grew its position in Targa Resources by 132.7% in the 4th quarter. Bank of Nova Scotia now owns 64,297 shares of the pipeline company's stock valued at $11,477,000 after buying an additional 36,672 shares during the last quarter. Finally, Greenland Capital Management LP purchased a new position in Targa Resources during the fourth quarter worth about $758,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research analyst reports. TD Securities assumed coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating for the company. Barclays increased 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. JPMorgan Chase & Co. boosted their target price on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $205.00 price target on shares of Targa Resources in a research report on Tuesday, July 15th. Finally, Citigroup reduced their target price 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. Two investment 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 MarketBeat, the company currently has an average rating of "Buy" and an average target price of $209.86.

Targa Resources Price Performance

Shares of Targa Resources stock traded down $0.42 during midday trading on Wednesday, hitting $163.21. 1,688,486 shares of the company were exchanged, compared to its average volume of 1,332,853. The firm has a market cap of $35.41 billion, a P/E ratio of 30.06, a PEG ratio of 1.06 and a beta of 1.12. The firm has a 50 day simple moving average of $167.96 and a 200-day simple moving average of $179.17. Targa Resources, Inc. has a 52 week low of $133.15 and a 52 week high of $218.51. 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 Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.5%. The ex-dividend date is Thursday, July 31st. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 73.66%.

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.