Targa Resources, Inc. $TRGP Position Lowered by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management cut its Targa Resources stake by 32.5% in the fourth quarter, selling 271,242 shares and leaving it with 562,415 shares valued at about $103.8 million.
• Targa Resources reported weaker-than-expected first-quarter results, with EPS of $2.21 versus estimates of $2.48 and revenue of $4.09 billion versus the expected $4.68 billion.
• The company raised its quarterly dividend to $1.25 per share from $1.00, while analysts remain generally positive with a consensus rating of Moderate Buy and an average price target of $269.21.

Allianz Asset Management GmbH lowered its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 32.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 562,415 shares of the pipeline company's stock after selling 271,242 shares during the period. Allianz Asset Management GmbH owned about 0.26% of Targa Resources worth $103,766,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Artesa Financial Group LLC bought a new position in Targa Resources in the fourth quarter worth about $264,000. Monetary Management Group Inc. bought a new position in Targa Resources in the fourth quarter worth about $498,000. LeClair Wealth Partners LLC bought a new position in Targa Resources in the fourth quarter worth about $205,000. Franklin Resources Inc. lifted its holdings in Targa Resources by 5.6% in the fourth quarter. Franklin Resources Inc. now owns 883,607 shares of the pipeline company's stock worth $163,025,000 after acquiring an additional 46,829 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Targa Resources by 36.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,098,936 shares of the pipeline company's stock worth $202,754,000 after acquiring an additional 295,800 shares during the last quarter. Institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

NYSE TRGP opened at $272.54 on Thursday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $280.00. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $58.50 billion, a PE ratio of 27.56, a P/E/G ratio of 1.35 and a beta of 0.72. The company's 50 day simple moving average is $254.50 and its 200 day simple moving average is $221.82.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.68 billion. As a group, equities research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is a boost from Targa Resources's previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Thursday, April 30th. Targa Resources's dividend payout ratio (DPR) is 50.56%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TRGP shares. Wells Fargo & Company raised their target price on shares of Targa Resources from $264.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, May 8th. US Capital Advisors cut shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. TD Cowen raised their target price on shares of Targa Resources from $236.00 to $245.00 and gave the stock a "hold" rating in a report on Monday, May 11th. Morgan Stanley raised their target price on shares of Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a report on Tuesday, May 12th. Finally, Citigroup reissued a "buy" rating on shares of Targa Resources in a report on Wednesday, May 27th. Fifteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $269.21.

Insider Activity at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the transaction, the director owned 66,492 shares in the company, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.37% of the stock is owned by corporate insiders.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

Want to see what other hedge funds are holding TRGP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Targa Resources, Inc. (NYSE:TRGP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.