Targa Resources Corp. (NYSE:TRGP) Shares Sold by USA Financial Formulas

USA Financial Formulas cut its stake in Targa Resources Corp. (NYSE:TRGP - Free Report) by 35.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,152 shares of the pipeline company's stock after selling 2,254 shares during the quarter. USA Financial Formulas' holdings in Targa Resources were worth $832,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB raised its holdings in Targa Resources by 134.9% in the 4th quarter. Wilmington Savings Fund Society FSB now owns 2,297 shares of the pipeline company's stock valued at $410,000 after acquiring an additional 1,319 shares during the last quarter. Savant Capital LLC raised its holdings in Targa Resources by 5.3% in the 4th quarter. Savant Capital LLC now owns 2,505 shares of the pipeline company's stock valued at $447,000 after acquiring an additional 125 shares during the last quarter. Summit Trail Advisors LLC raised its holdings in Targa Resources by 19.3% in the 4th quarter. Summit Trail Advisors LLC now owns 4,797 shares of the pipeline company's stock valued at $856,000 after acquiring an additional 775 shares during the last quarter. Mill Creek Capital Advisors LLC acquired a new stake in Targa Resources in the 4th quarter valued at about $311,000. Finally, Stonebridge Financial Group LLC acquired a new stake in Targa Resources in the 4th quarter valued at about $49,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent research reports. Citigroup cut their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Wells Fargo & Company increased their price objective on shares of Targa Resources from $204.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. UBS Group cut their price target on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a report on Thursday, May 15th. The Goldman Sachs Group cut their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Morgan Stanley raised their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an "overweight" rating in a report on Monday, March 17th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $199.07.

Targa Resources Stock Down 0.5%

TRGP stock traded down $0.84 during midday trading on Thursday, hitting $168.94. The company's stock had a trading volume of 1,457,691 shares, compared to its average volume of 1,830,149. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. Targa Resources Corp. has a 52-week low of $118.93 and a 52-week high of $218.51. The firm has a market capitalization of $36.65 billion, a P/E ratio of 29.43, a PEG ratio of 0.61 and a beta of 1.07. The firm has a 50-day simple moving average of $165.66 and a 200-day simple moving average of $184.49.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The firm had revenue of $4.56 billion for the quarter, compared to analysts' expectations of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. As a group, equities analysts forecast that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently disclosed a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

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.