Targa Resources, Inc. $TRGP Shares Sold by Russell Investments Group Ltd.

Key Points

• Russell Investments Group reduced its Targa Resources stake by 8.0% in the second quarter, selling 40,506 shares and retaining 464,580 shares valued at approximately $124.6 million. Institutional investors and hedge funds collectively own 92.13% of TRGP.
• Targa Resources reported quarterly earnings of $3.54 per share, surpassing the $2.83 analyst consensus, although revenue of $4.44 billion fell short of the $4.90 billion estimate. The company’s shares were trading at $275.77, up 3.3%.
• The company paid a quarterly dividend of $1.25, equivalent to an annualized $5.00 dividend and a 1.8% yield. Analysts maintain a broadly positive view, with an average “Buy” rating and a consensus price target of $295.35.

Russell Investments Group Ltd. lowered its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 464,580 shares of the pipeline company's stock after selling 40,506 shares during the quarter. Russell Investments Group Ltd. owned 0.22% of Targa Resources worth $124,601,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of TRGP. Hardy Reed LLC raised its position in Targa Resources by 1.0% in the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company's stock worth $1,083,000 after acquiring an additional 41 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Targa Resources by 4.1% during the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company's stock valued at $307,000 after purchasing an additional 45 shares in the last quarter. Hantz Financial Services Inc. boosted its position in shares of Targa Resources by 10.5% during the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company's stock valued at $97,000 after purchasing an additional 50 shares in the last quarter. River Wealth Advisors LLC grew its stake in shares of Targa Resources by 0.3% in the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company's stock worth $5,217,000 after purchasing an additional 50 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in Targa Resources by 0.7% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company's stock worth $1,376,000 after buying an additional 51 shares during the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Up 3.3%

NYSE TRGP opened at $275.77 on Friday. The firm has a market cap of $59.13 billion, a PE ratio of 26.36, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04. The stock's 50 day simple moving average is $269.33 and its 200 day simple moving average is $250.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion during the quarter, compared to analysts' expectations of $4.90 billion. As a group, sell-side analysts forecast that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.8%. Targa Resources's dividend payout ratio (DPR) is 47.80%.

Analyst Ratings Changes

A number of research analysts have commented on TRGP shares. UBS Group restated a "buy" rating and issued a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Barclays increased their price objective on Targa Resources from $282.00 to $284.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a research report on Thursday, July 2nd. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. Finally, US Capital Advisors downgraded shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Targa Resources has an average rating of "Buy" and an average target price of $295.35.

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.

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