Voleon Capital Management LP Has $7.89 Million Holdings in Targa Resources, Inc. $TRGP

Key Points

• Voleon Capital Management LP reduced its stake in Targa Resources, Inc. by 11.0% during the 1st quarter, selling 4,886 shares and retaining 39,367 shares valued at approximately $7.89 million.
• Targa Resources recently reported an EPS of $2.87 for the quarter, beating expectations of $1.95, while revenue totaled $4.26 billion, falling short of the anticipated $4.82 billion.
• The company increased its quarterly dividend to $1.00 per share, up from $0.12, reflecting a positive shift in its dividend policy with a current yield of 2.5%.

Voleon Capital Management LP trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 11.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 39,367 shares of the pipeline company's stock after selling 4,886 shares during the period. Voleon Capital Management LP's holdings in Targa Resources were worth $7,892,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Bessemer Group Inc. lifted its holdings in shares of Targa Resources by 25.1% in the first quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock valued at $494,000 after purchasing an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. lifted its holdings in shares of Targa Resources by 48.1% in the first quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock valued at $508,000 after purchasing an additional 823 shares in the last quarter. Dynamic Advisor Solutions LLC bought a new stake in shares of Targa Resources in the first quarter valued at about $544,000. Vontobel Holding Ltd. lifted its holdings in shares of Targa Resources by 29.9% in the first quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock valued at $753,000 after purchasing an additional 864 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Targa Resources by 5.8% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock valued at $408,000 after purchasing an additional 111 shares in the last quarter. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of NYSE:TRGP traded up $1.14 during trading on Friday, reaching $166.38. 1,008,759 shares of the stock were exchanged, compared to its average volume of 1,812,970. Targa Resources, Inc. has a 12 month low of $144.30 and a 12 month high of $218.51. The firm has a market cap of $35.80 billion, a PE ratio of 23.53, a PEG ratio of 1.00 and a beta of 1.20. The stock has a 50-day moving average price of $166.00 and a 200-day moving average price of $171.79. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. The business had revenue of $4.26 billion during 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%. Research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders 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 a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.4%. Targa Resources's dividend payout ratio is currently 56.58%.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Mizuho dropped their target price on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a report on Friday, August 29th. Cfra Research upgraded Targa Resources to a "hold" rating in a report on Friday, August 8th. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. UBS Group dropped their target price on Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a report on Thursday, May 15th. Finally, TD Cowen began coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $208.86.

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.