Targa Resources, Inc. $TRGP Shares Sold by Zimmer Partners LP

Key Points

• Zimmer Partners LP reduced its stake in Targa Resources by 33.3%, making it the firm’s 5th largest position, now owning approximately 1,107,300 shares valued at about $221,980,000.
• Targa Resources recently announced a quarterly dividend increase to $1.00 per share, resulting in an annualized yield of 2.5%, up from the previous dividend of $0.12.
• Analysts have mixed opinions on Targa Resources, with target prices fluctuating; the consensus rating is "Moderate Buy" with an average target price of $208.86.

Zimmer Partners LP lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 33.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,107,300 shares of the pipeline company's stock after selling 553,900 shares during the quarter. Targa Resources makes up about 4.2% of Zimmer Partners LP's portfolio, making the stock its 5th biggest holding. Zimmer Partners LP owned approximately 0.51% of Targa Resources worth $221,980,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cornerstone Planning Group LLC raised its holdings 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 buying an additional 110 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $31,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the fourth quarter worth approximately $32,000. Finally, Copia Wealth Management acquired a new position in Targa Resources in the fourth quarter valued at approximately $37,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of TRGP stock traded up $1.74 on Thursday, hitting $165.15. 953,945 shares of the stock traded hands, compared to its average volume of 1,271,112. 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 capitalization of $35.54 billion, a PE ratio of 23.36, a PEG ratio of 1.00 and a beta of 1.20. Targa Resources, Inc. has a 1-year low of $144.30 and a 1-year high of $218.51. The company's fifty day moving average is $166.00 and its 200 day moving average is $171.79.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate 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 predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a $1.00 dividend. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. Targa Resources's dividend payout ratio is 56.58%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. UBS Group decreased their price objective on Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. Royal Bank Of Canada increased their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research report on Tuesday, August 12th. TD Cowen began coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective for the company. Mizuho dropped their price target on Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research report on Friday, August 29th. Finally, JPMorgan Chase & Co. raised their price target on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of "Moderate Buy" and an average price target of $208.86.

Targa Resources 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.