Commonwealth Equity Services LLC Cuts Stock Position in Targa Resources Corp. (NYSE:TRGP)

Commonwealth Equity Services LLC lessened its holdings in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 6.8% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 8,646 shares of the pipeline company’s stock after selling 633 shares during the period. Commonwealth Equity Services LLC’s holdings in Targa Resources were worth $635,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Ellevest Inc. grew its position in shares of Targa Resources by 122.9% during the fourth quarter. Ellevest Inc. now owns 350 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 193 shares in the last quarter. MinichMacGregor Wealth Management LLC purchased a new position in shares of Targa Resources during the fourth quarter valued at about $31,000. Fred Alger Management LLC purchased a new position in shares of Targa Resources during the third quarter valued at about $56,000. Counterpoint Mutual Funds LLC purchased a new position in shares of Targa Resources during the fourth quarter valued at about $105,000. Finally, Covestor Ltd grew its position in shares of Targa Resources by 91.8% during the first quarter. Covestor Ltd now owns 1,429 shares of the pipeline company’s stock valued at $108,000 after purchasing an additional 684 shares in the last quarter. Hedge funds and other institutional investors own 88.29% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on TRGP shares. Royal Bank of Canada cut their price objective on Targa Resources from $110.00 to $104.00 in a research report on Monday, May 8th. Barclays increased their price target on shares of Targa Resources from $87.00 to $92.00 in a report on Tuesday, April 18th. UBS Group increased their price target on shares of Targa Resources from $106.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, April 6th. Scotiabank initiated coverage on shares of Targa Resources in a report on Thursday, March 2nd. They issued an “outperform” rating and a $115.00 price target for the company. Finally, Seaport Res Ptn reaffirmed a “buy” rating on shares of Targa Resources in a report on Thursday, February 16th. One research analyst has rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $100.27.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $69.41 on Friday. The firm has a market cap of $15.69 billion, a PE ratio of 17.98 and a beta of 2.28. The firm’s 50 day simple moving average is $72.49 and its 200-day simple moving average is $73.15. Targa Resources Corp. has a one year low of $55.56 and a one year high of $80.40. The company has a debt-to-equity ratio of 2.59, a quick ratio of 0.60 and a current ratio of 0.66.

Targa Resources (NYSE:TRGP – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The pipeline company reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.29 by $0.09. The company had revenue of $4.55 billion for the quarter, compared to analyst estimates of $5.38 billion. Targa Resources had a net margin of 5.43% and a return on equity of 24.05%. As a group, equities analysts predict that Targa Resources Corp. will post 5.54 EPS for the current year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Investors of record on Friday, April 28th were issued a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 2.88%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.35. The ex-dividend date was Thursday, April 27th. Targa Resources’s dividend payout ratio (DPR) is presently 51.81%.

About Targa Resources

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.