BI Asset Management Fondsmaeglerselskab A S Sells 3,234 Shares of Targa Resources, Inc. $TRGP

BI Asset Management Fondsmaeglerselskab A S cut its holdings in Targa Resources, Inc. (NYSE:TRGP) by 33.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,495 shares of the pipeline company’s stock after selling 3,234 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Targa Resources were worth $1,628,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Diversified Trust Co raised its stake in Targa Resources by 5.5% during the first quarter. Diversified Trust Co now owns 2,777 shares of the pipeline company’s stock valued at $696,000 after buying an additional 144 shares during the last quarter. Hsbc Holdings PLC increased its stake in Targa Resources by 7.0% during the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Corient Private Wealth LLC raised its holdings in Targa Resources by 11.1% in the fourth quarter. Corient Private Wealth LLC now owns 38,525 shares of the pipeline company’s stock worth $7,108,000 after buying an additional 3,847 shares during the last quarter. Mcguire Capital Advisors Inc. bought a new position in shares of Targa Resources in the fourth quarter worth approximately $52,000. Finally, Beacon Pointe Advisors LLC lifted its stake in shares of Targa Resources by 104.2% in the fourth quarter. Beacon Pointe Advisors LLC now owns 3,022 shares of the pipeline company’s stock worth $557,000 after buying an additional 1,542 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Barclays boosted their price target on Targa Resources from $262.00 to $270.00 and gave the stock an “overweight” rating in a research note on Tuesday. Morgan Stanley lifted their price target on shares of Targa Resources from $327.00 to $331.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 12th. TD Cowen boosted their price objective on shares of Targa Resources from $236.00 to $245.00 and gave the company a “hold” rating in a report on Monday, May 11th. Mizuho increased their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research report on Friday, May 8th. Sixteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $272.73.

Insiders Place Their Bets

In other news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.37% of the company’s stock.

Targa Resources Stock Performance

NYSE:TRGP opened at $266.05 on Thursday. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. The stock has a 50-day simple moving average of $258.23 and a two-hundred day simple moving average of $228.18. The firm has a market capitalization of $57.11 billion, a PE ratio of 26.90, a P/E/G ratio of 1.38 and a beta of 0.72. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $280.00.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were given a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is 50.56%.

Targa Resources Profile

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.