Teza Capital Management LLC Decreases Holdings in Targa Resources, Inc. $TRGP

Key Points

• Teza Capital Management LLC reduced its holdings in Targa Resources by 24.9%, now owning 10,448 shares valued at approximately $2.1 million, making it the 6th largest position in their portfolio.
• Targa Resources reported an EPS of $2.87 for the last quarter, exceeding the consensus estimate by $0.92, although its revenue of $4.26 billion fell short of projections.
• The company recently increased its quarterly dividend from $0.12 to $1.00, resulting in a $4.00 annualized dividend and a yield of 2.5%.

Teza Capital Management LLC lowered its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 24.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,448 shares of the pipeline company's stock after selling 3,465 shares during the period. Targa Resources accounts for about 1.0% of Teza Capital Management LLC's holdings, making the stock its 6th largest holding. Teza Capital Management LLC's holdings in Targa Resources were worth $2,095,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in shares of Targa Resources by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after buying an additional 423,667 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after buying an additional 962,631 shares during the last quarter. Invesco Ltd. grew its stake in shares of Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock worth $915,338,000 after buying an additional 139,780 shares during the last quarter. GQG Partners LLC grew its stake in shares of Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after buying an additional 1,410,747 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Targa Resources by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company's stock worth $568,217,000 after buying an additional 77,999 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on TRGP shares. JPMorgan Chase & Co. upped their price target on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. UBS Group cut their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research note on Thursday, May 15th. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research note on Saturday, August 23rd. Finally, Royal Bank Of Canada increased their target price on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $208.86.

Targa Resources Stock Performance

Shares of NYSE TRGP traded up $1.56 during midday trading on Friday, hitting $166.80. 408,906 shares of the stock traded hands, compared to its average volume of 1,811,235. The firm has a 50-day moving average of $166.00 and a two-hundred day moving average of $171.79. The firm has a market capitalization of $35.89 billion, a P/E ratio of 23.60, a PEG ratio of 1.00 and a beta of 1.20. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a one year low of $144.30 and a one year high of $218.51.

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

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is currently 56.58%.

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.