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

Key Points

• TD Asset Management cut its Targa Resources stake by 48.4% in the second quarter, selling 71,899 shares and retaining 76,626 shares valued at approximately $20.5 million. Institutional investors collectively own 92.13% of the company.
• Targa Resources reported quarterly earnings of $3.54 per share, beating analysts’ $2.83 estimate, though revenue of $4.44 billion fell short of the $4.90 billion consensus forecast.
• The company paid a quarterly dividend of $1.25 per share, equivalent to a $5.00 annualized payout and 1.8% yield. Analysts maintain a consensus “Buy” rating with an average price target of $295.35.

TD Asset Management Inc lowered its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 48.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 76,626 shares of the pipeline company's stock after selling 71,899 shares during the period. TD Asset Management Inc's holdings in Targa Resources were worth $20,546,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. CoreCap Advisors LLC lifted its holdings in Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock valued at $34,000 after acquiring an additional 91 shares during the period. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the fourth quarter worth about $27,000. Miller Capital Partners Inc. bought a new stake in shares of Targa Resources during the 4th quarter valued at about $30,000. Global Assets Advisory LLC purchased a new stake in shares of Targa Resources during the 1st quarter valued at about $41,000. Finally, Leonteq Securities AG purchased a new stake in shares of Targa Resources during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

TRGP opened at $275.77 on Friday. The company has a 50 day simple moving average of $269.33 and a two-hundred day simple moving average of $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. The firm has a market cap of $59.13 billion, a P/E ratio of 26.36, a PEG ratio of 1.33 and a beta of 0.72. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $291.04.

Targa Resources (NYSE:TRGP - Get Free Report) last released its 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. The company had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. Equities 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. Investors of record on Friday, July 31st were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's dividend payout ratio (DPR) is 47.80%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent research reports. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. US Capital Advisors cut shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a report on Friday, May 29th. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a research report on Thursday, July 9th. Truist Financial increased their price target on shares of Targa Resources from $289.00 to $312.00 and gave the stock a "buy" rating in a research report on Wednesday, July 15th. Finally, Wolfe Research set a $335.00 price target on shares of Targa Resources in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Targa Resources currently has a consensus rating of "Buy" and a consensus price target 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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