Targa Resources, Inc. $TRGP Shares Sold by Groupama Asset Managment

Key Points

• Groupama Asset Management reduced its stake in Targa Resources, Inc. by 66.5%, owning 4,177 shares worth $826,000 after selling 8,288 shares in the first quarter.
• Targa Resources recently announced a quarterly dividend of $1.00 per share, up from its previous dividend of $0.12, resulting in an annualized yield of 2.5%.
• Analysts have raised their price targets for Targa Resources, with Barclays setting a new target of $195.00 and Wells Fargo increasing its target to $205.00, reflecting a positive outlook for the company.

Groupama Asset Managment reduced its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 66.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,177 shares of the pipeline company's stock after selling 8,288 shares during the period. Groupama Asset Managment's holdings in Targa Resources were worth $826,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bessemer Group Inc. boosted its holdings in shares of Targa Resources by 25.1% during the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after purchasing an additional 495 shares during the last quarter. Oppenheimer & Co. Inc. raised its position in shares of Targa Resources by 48.1% during the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after buying an additional 823 shares during the period. Dynamic Advisor Solutions LLC purchased a new stake in shares of Targa Resources during the 1st quarter valued at approximately $544,000. Vontobel Holding Ltd. raised its position in shares of Targa Resources by 29.9% during the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after buying an additional 864 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its position in shares of Targa Resources by 5.8% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after buying an additional 111 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 0.5%

Shares of Targa Resources stock traded up $0.8190 during trading hours on Friday, reaching $162.9190. 1,000,388 shares of the company were exchanged, compared to its average volume of 1,571,554. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The stock's fifty day moving average is $167.92 and its 200 day moving average is $175.40. The firm has a market cap of $35.06 billion, a PE ratio of 23.04, a PEG ratio of 1.00 and a beta of 1.12. Targa Resources, Inc. has a 1 year low of $142.11 and a 1 year high of $218.51.

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, topping analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, equities research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

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

Analysts Set New Price Targets

Several research firms have recently commented on TRGP. JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Barclays boosted their target price on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Citigroup cut their target price on Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. Wall Street Zen raised Targa Resources from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, TD Securities began coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $209.21.

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.