Targa Resources, Inc. $TRGP Position Lowered by Pinnacle Holdings LLC

Key Points

• Pinnacle Holdings LLC reduced its stake in Targa Resources by 32.6%, holding 22,827 shares valued at approximately $4.5 million as of the latest SEC filing.
• Targa Resources recently reported earnings of $2.87 per share, exceeding analysts' expectations, despite revenue falling short of projections at $4.26 billion.
• The company declared a quarterly dividend increase to $1.00 per share, representing an annual yield of 2.4%, up from its previous dividend of $0.12.

Pinnacle Holdings LLC reduced its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 32.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,827 shares of the pipeline company's stock after selling 11,033 shares during the quarter. Targa Resources accounts for about 1.7% of Pinnacle Holdings LLC's investment portfolio, making the stock its 7th biggest holding. Pinnacle Holdings LLC's holdings in Targa Resources were worth $4,536,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Snowden Capital Advisors LLC raised its holdings in Targa Resources by 2.0% in the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after acquiring an additional 53 shares during the last quarter. Ritholtz Wealth Management increased its holdings in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock worth $991,000 after purchasing an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC increased its holdings in shares of Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after purchasing an additional 62 shares in the last quarter. Curated Wealth Partners LLC raised its stake in shares of Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after purchasing an additional 73 shares during the last quarter. Finally, Baker Avenue Asset Management LP lifted its holdings in shares of Targa Resources by 0.8% during the fourth quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company's stock valued at $1,648,000 after purchasing an additional 74 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded down $0.5150 during midday trading on Tuesday, hitting $160.5350. The company had a trading volume of 1,606,222 shares, compared to its average volume of 1,554,239. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The company has a market cap of $34.55 billion, a price-to-earnings ratio of 22.71, a PEG ratio of 1.01 and a beta of 1.12. Targa Resources, Inc. has a 12-month low of $140.90 and a 12-month high of $218.51. The company has a fifty day moving average of $168.45 and a two-hundred day moving average of $176.22.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a $1.00 dividend. The ex-dividend date 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 dividend yield of 2.5%. Targa Resources's dividend payout ratio (DPR) is presently 56.58%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TRGP shares. The Goldman Sachs Group dropped their price objective on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. UBS Group decreased their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research report on Thursday, May 15th. 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 research report on Thursday, July 10th. Cfra Research raised Targa Resources to a "hold" rating in a research report on Friday, August 8th. Finally, Citigroup decreased their target price on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a research note on Friday, May 9th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $209.21.

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.