TD Asset Management Inc Reduces Position in Targa Resources, Inc. $TRGP

Key Points

• TD Asset Management cut its Targa Resources stake by 51.6% in the fourth quarter, selling 176,893 shares and leaving it with 166,071 shares worth about $30.6 million.
• Targa Resources reported mixed quarterly results, posting EPS of $2.21 versus the $2.48 estimate and revenue of $4.09 billion versus $4.68 billion expected.
• The company raised its quarterly dividend to $1.25 per share from $1.00, while analysts remain generally upbeat with a consensus Moderate Buy rating and average price target of $269.21.

TD Asset Management Inc lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 51.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 166,071 shares of the pipeline company's stock after selling 176,893 shares during the period. TD Asset Management Inc owned about 0.08% of Targa Resources worth $30,640,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in TRGP. Norges Bank purchased a new stake in shares of Targa Resources during the fourth quarter valued at $735,758,000. Wellington Management Group LLP boosted its stake in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company's stock valued at $3,291,012,000 after purchasing an additional 1,620,253 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company's stock valued at $607,023,000 after purchasing an additional 1,075,246 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Targa Resources during the third quarter valued at $121,426,000. Finally, Vanguard Group Inc. boosted its stake in shares of Targa Resources by 1.5% during the third quarter. Vanguard Group Inc. now owns 28,382,289 shares of the pipeline company's stock valued at $4,755,169,000 after purchasing an additional 422,075 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 1.2%

Shares of NYSE:TRGP opened at $264.19 on Friday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00. The stock has a market cap of $56.71 billion, a P/E ratio of 26.71, a price-to-earnings-growth ratio of 1.35 and a beta of 0.72. The business's 50 day moving average is $253.46 and its 200 day moving average is $219.42. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a return on equity of 71.00% and a net margin of 12.87%.The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Sell-side analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This is a boost from Targa Resources's previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Thursday, April 30th. This represents a $5.00 annualized dividend and a yield of 1.9%. Targa Resources's payout ratio is 50.56%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TRGP. Citigroup reissued a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. Scotiabank increased their price objective on Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Royal Bank Of Canada reissued an "outperform" rating and issued a $281.00 price objective on shares of Targa Resources in a research note on Tuesday, May 12th. UBS Group increased their price objective on Targa Resources from $228.00 to $280.00 and gave the stock a "buy" rating in a research note on Tuesday, March 24th. Finally, Stifel Nicolaus set a $268.00 price objective on Targa Resources in a research note on Friday, May 8th. Fifteen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $269.21.

Insider Transactions at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares of the company's stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.37% of the company's stock.

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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