Targa Resources, Inc. $TRGP Shares Sold by Robeco Institutional Asset Management B.V.

Key Points

• Robeco Institutional Asset Management B.V. significantly reduced its holdings in Targa Resources by 94.9% during the second quarter, selling over 292,000 shares and now owning 15,755 shares worth approximately $2.74 million.
• Targa Resources reported a quarterly EPS of $2.87, exceeding analysts' expectations, while its revenue was $4.26 billion, falling short of consensus estimates.
• The company declared a $1.00 quarterly dividend, which is an increase from the previous $0.12, reflecting a 2.5% annual yield.

Robeco Institutional Asset Management B.V. decreased its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 94.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,755 shares of the pipeline company's stock after selling 292,422 shares during the quarter. Robeco Institutional Asset Management B.V.'s holdings in Targa Resources were worth $2,743,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Ritholtz Wealth Management lifted its holdings in shares of Targa Resources by 1.3% in the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company's stock valued at $991,000 after buying an additional 62 shares during the period. Stratos Wealth Advisors LLC raised its position in shares of Targa Resources by 3.6% during the first 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 during the period. UMB Bank n.a. raised its position in shares of Targa Resources by 11.9% during the second quarter. UMB Bank n.a. now owns 658 shares of the pipeline company's stock worth $115,000 after purchasing an additional 70 shares during the period. Curated Wealth Partners LLC raised its position in shares of Targa Resources by 2.2% during 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 period. Finally, D.A. Davidson & CO. raised its position in shares of Targa Resources by 1.8% during the first quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company's stock worth $855,000 after purchasing an additional 74 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Up 0.2%

NYSE:TRGP opened at $162.57 on Tuesday. The firm has a market capitalization of $34.98 billion, a price-to-earnings ratio of 22.99, a PEG ratio of 0.96 and a beta of 1.12. Targa Resources, Inc. has a 1-year low of $150.00 and a 1-year high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The business's fifty day moving average price is $165.40 and its 200 day moving average price is $168.67.

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

Targa Resources Increases Dividend

The company 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. This represents a $4.00 dividend on an annualized basis and a yield of 2.5%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio is presently 56.58%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on TRGP shares. TD Cowen started coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 target price on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Targa Resources in a research report on Saturday, September 27th. Barclays boosted their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Mizuho cut their target price on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $207.27.

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.

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