Ashton Thomas Securities LLC Has $215,000 Stake in Targa Resources, Inc. $TRGP

Key Points

• Ashton Thomas Securities LLC reduced its stake in Targa Resources by 65.9% in Q1, bringing its holdings down to 1,071 shares valued at $215,000.
• Targa Resources increased its quarterly dividend to $1.00 per share, representing a 2.4% yield and a significant boost from the previous dividend of $0.12.
• Targa Resources reported an EPS of $2.87, exceeding analyst expectations, despite revenues of $4.26 billion falling short of the anticipated $4.82 billion.

Ashton Thomas Securities LLC cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 65.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,071 shares of the pipeline company's stock after selling 2,074 shares during the period. Ashton Thomas Securities LLC's holdings in Targa Resources were worth $215,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of TRGP. Cornerstone Planning Group LLC raised its stake in Targa Resources by 578.9% in the first 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. Colonial Trust Co SC raised its stake in Targa Resources by 5,400.0% in the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock valued at $29,000 after buying an additional 162 shares during the period. Cary Street Partners Financial LLC bought a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Ameriflex Group Inc. bought a new stake in Targa Resources in the fourth quarter valued at approximately $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources in the fourth quarter valued at approximately $32,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Shares of TRGP stock traded down $4.08 during trading hours on Friday, reaching $162.46. The company's stock had a trading volume of 1,636,781 shares, compared to its average volume of 1,831,860. Targa Resources, Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $218.51. The firm's 50 day simple moving average is $166.86 and its 200-day simple moving average is $172.93. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The company has a market capitalization of $34.96 billion, a price-to-earnings ratio of 22.98, a PEG ratio of 1.00 and a beta of 1.20.

Targa Resources (NYSE:TRGP - Get Free Report) last issued 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. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date was Thursday, July 31st. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is 56.58%.

Analyst Ratings Changes

Several analysts have issued reports on TRGP shares. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research note on Saturday, August 23rd. JPMorgan Chase & Co. increased their target price on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Royal Bank Of Canada increased their target price on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. Finally, TD Securities started coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating on the stock. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, Targa Resources currently has an average rating of "Moderate Buy" and a consensus 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.