XTX Topco Ltd Boosts Stock Holdings in Targa Resources, Inc. (NYSE:TRGP)

Key Points

• XTX Topco Ltd notably increased its holdings in Targa Resources, Inc. by 319.4% during Q1, now owning 6,987 shares valued at approximately $1.4 million.
• Targa Resources reported a loss of $1.13 per share for the quarter, significantly below the consensus estimate of $2.04, and its revenue also fell short at $4.56 billion against expectations of $5.01 billion.
• The company announced a quarterly dividend of $1.00 per share, which increases its annualized dividend to $4.00 and represents a yield of 2.4%.

XTX Topco Ltd lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 319.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,987 shares of the pipeline company's stock after buying an additional 5,321 shares during the quarter. XTX Topco Ltd's holdings in Targa Resources were worth $1,401,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. lifted its stake in Targa Resources by 25.1% in the 1st quarter. Bessemer Group Inc. now owns 2,466 shares of the pipeline company's stock worth $494,000 after purchasing an additional 495 shares in the last quarter. Oppenheimer & Co. Inc. lifted its stake in Targa Resources by 48.1% in the 1st quarter. Oppenheimer & Co. Inc. now owns 2,535 shares of the pipeline company's stock worth $508,000 after purchasing an additional 823 shares in the last quarter. Dynamic Advisor Solutions LLC purchased a new stake in Targa Resources in the 1st quarter worth approximately $544,000. Vontobel Holding Ltd. lifted its stake in Targa Resources by 29.9% in the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company's stock worth $753,000 after purchasing an additional 864 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Targa Resources by 5.8% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 2,038 shares of the pipeline company's stock worth $408,000 after purchasing an additional 111 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TRGP has been the topic of several research reports. Citigroup lowered their price objective on shares of Targa Resources from $227.00 to $197.00 and set a "buy" rating on the stock in a research report on Friday, May 9th. TD Cowen initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective on the stock. UBS Group lowered their price objective on shares of Targa Resources from $259.00 to $228.00 and set a "buy" rating on the stock in a research report on Thursday, May 15th. Mizuho set a $212.00 price objective on shares of Targa Resources and gave the company an "outperform" rating in a research report on Tuesday, May 20th. Finally, The Goldman Sachs Group lowered their price objective on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Two analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Targa Resources presently has a consensus rating of "Buy" and an average price target of $209.86.

Targa Resources Price Performance

Shares of TRGP traded down $3.34 during mid-day trading on Friday, reaching $163.07. The stock had a trading volume of 1,760,898 shares, compared to its average volume of 1,234,745. The company has a debt-to-equity ratio of 6.04, a quick ratio of 0.57 and a current ratio of 0.65. The business has a fifty day moving average of $167.83 and a 200 day moving average of $180.05. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The firm has a market cap of $35.37 billion, a price-to-earnings ratio of 30.03, a PEG ratio of 1.06 and a beta of 1.12.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing the consensus estimate of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Equities analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date is Thursday, July 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. Targa Resources's dividend payout ratio (DPR) is 73.66%.

Targa Resources Company 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.