Targa Resources, Inc. (NYSE:TRGP) Shares Sold by West Michigan Advisors LLC

Key Points

• West Michigan Advisors LLC reduced its holdings in Targa Resources, Inc. by 66.2%, selling 2,146 shares and retaining 1,098 shares valued at $220,000.
• Multiple institutional investors have increased their stakes in Targa Resources, with notable increases from iA Global Asset Management (up 8.0%) and Blair William & Co. IL (up 231.7%).
• Targa Resources recently declared a quarterly dividend of $1.00 per share, reflecting a 2.4% yield, and increased from the previous quarterly dividend of $0.12.

West Michigan Advisors LLC cut its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 66.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,098 shares of the pipeline company's stock after selling 2,146 shares during the period. West Michigan Advisors LLC's holdings in Targa Resources were worth $220,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in TRGP. Price T Rowe Associates Inc. MD lifted its holdings in shares of Targa Resources by 2.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after acquiring an additional 53,853 shares during the last quarter. Northern Trust Corp raised its position in Targa Resources by 8.5% in the fourth quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company's stock valued at $391,148,000 after purchasing an additional 170,755 shares during the period. Nuveen Asset Management LLC lifted its stake in Targa Resources by 22.0% during the fourth quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company's stock worth $349,024,000 after purchasing an additional 353,165 shares in the last quarter. Zimmer Partners LP lifted its stake in Targa Resources by 19.1% during the fourth quarter. Zimmer Partners LP now owns 1,661,200 shares of the pipeline company's stock worth $296,524,000 after purchasing an additional 266,200 shares in the last quarter. Finally, BROOKFIELD Corp ON boosted its position in shares of Targa Resources by 8.3% during the fourth quarter. BROOKFIELD Corp ON now owns 1,231,988 shares of the pipeline company's stock worth $219,910,000 after buying an additional 94,622 shares during the period. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Stock Down 1.1%

Shares of TRGP stock traded down $1.82 on Friday, reaching $165.07. 2,023,021 shares of the stock were exchanged, compared to its average volume of 1,403,008. The company has a market capitalization of $35.81 billion, a price-to-earnings ratio of 23.35, a PEG ratio of 1.09 and a beta of 1.12. The business's 50 day moving average price is $168.36 and its 200 day moving average price is $178.36. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a twelve month low of $135.16 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 40.21% and a net margin of 8.99%. The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. As a group, sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Thursday, July 31st. This is an increase from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources's dividend payout ratio is 73.66%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TRGP shares. Barclays boosted their price objective on Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Citigroup cut their price target on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research note on Friday, May 9th. UBS Group lowered their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating for the company in a research note on Thursday, May 15th. JPMorgan Chase & Co. lifted their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a report on Thursday, July 10th. Finally, TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $208.79.

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.