KBC Group NV Cuts Stake in Targa Resources, Inc. $TRGP

by · The Markets Daily

KBC Group NV lessened its position in Targa Resources, Inc. (NYSE:TRGP – Free Report) by 32.1% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 21,906 shares of the pipeline company’s stock after selling 10,343 shares during the period. KBC Group NV’s holdings in Targa Resources were worth $5,874,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TRGP. Hardy Reed LLC increased its stake in shares of Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock worth $1,083,000 after acquiring an additional 41 shares during the period. Versant Capital Management Inc boosted its holdings in Targa Resources by 4.1% in the 2nd quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock valued at $307,000 after purchasing an additional 45 shares in the last quarter. Hantz Financial Services Inc. boosted its holdings in Targa Resources by 10.5% in the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after purchasing an additional 50 shares in the last quarter. River Wealth Advisors LLC increased its position in Targa Resources by 0.3% during the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock worth $5,217,000 after purchasing an additional 50 shares during the period. Finally, Steward Partners Investment Advisory LLC increased its position in Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after purchasing an additional 51 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

TRGP has been the subject of several recent analyst reports. Barclays raised their price target on Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a report on Friday, August 7th. JPMorgan Chase & Co. increased their price objective on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Wolfe Research set a $335.00 target price on Targa Resources in a report on Friday, August 7th. Scotiabank boosted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $333.00 price target on shares of Targa Resources in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus target price of $295.35.

View Our Latest Stock Report on TRGP

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $275.77 on Friday. The business’s 50 day simple moving average is $269.33 and its 200-day simple moving average is $250.72. The firm has a market capitalization of $59.13 billion, a price-to-earnings ratio of 26.36, a price-to-earnings-growth ratio of 1.38 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $291.04.

Targa Resources (NYSE:TRGP – Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, July 31st. Targa Resources’s payout ratio is presently 47.80%.

About Targa Resources

(Free Report)

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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