Gateway Investment Advisers LLC Sells 2,376 Shares of Targa Resources, Inc. $TRGP

Key Points

• Gateway Investment Advisers LLC reduced its stake in Targa Resources by 1.9%, selling 2,376 shares and owning 122,055 shares valued at $21.25 million at the end of the last quarter.
• Targa Resources recently declared a quarterly dividend of $1.00, increasing from a previous $0.12 dividend, which annualizes to $4.00 and gives a dividend yield of 2.5%.
• Wall Street analysts have set an average target price of $208.86 for Targa Resources, with a mix of ratings, including one Strong Buy, thirteen Buy, and three Hold ratings.

Gateway Investment Advisers LLC decreased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 122,055 shares of the pipeline company's stock after selling 2,376 shares during the quarter. Gateway Investment Advisers LLC owned 0.06% of Targa Resources worth $21,247,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in TRGP. GQG Partners LLC grew its holdings in Targa Resources by 64.0% during the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after acquiring an additional 1,410,747 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Targa Resources in the 1st quarter valued at approximately $196,351,000. Wellington Management Group LLP raised its holdings in Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after buying an additional 962,631 shares during the period. GAMMA Investing LLC raised its holdings in Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after buying an additional 924,305 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Targa Resources by 43.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,748,708 shares of the pipeline company's stock worth $551,033,000 after buying an additional 834,666 shares during the period. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. BMO Capital Markets began coverage on shares of Targa Resources in a report on Friday. They issued an "outperform" rating and a $185.00 price objective on the stock. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Mizuho dropped their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research report on Friday, August 29th. JPMorgan Chase & Co. upped their price objective on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Wells Fargo & Company reissued an "overweight" rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $207.27.

Targa Resources Stock Down 3.4%

NYSE:TRGP traded down $5.73 during trading hours on Friday, hitting $164.39. 3,499,316 shares of the company traded hands, compared to its average volume of 1,249,636. 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 firm's 50-day simple moving average is $165.18 and its 200-day simple moving average is $170.54. Targa Resources, Inc. has a one year low of $144.30 and a one year high of $218.51. The company has a market cap of $35.38 billion, a PE ratio of 23.25, a PEG ratio of 1.01 and a beta of 1.20.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share 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 business had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Equities analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

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

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.