IFM Investors Pty Ltd Sells 2,599 Shares of Targa Resources, Inc. $TRGP

IFM Investors Pty Ltd lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 5.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,937 shares of the pipeline company’s stock after selling 2,599 shares during the quarter. IFM Investors Pty Ltd’s holdings in Targa Resources were worth $12,270,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hantz Financial Services Inc. boosted its position in shares of Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after buying an additional 50 shares during the period. Steward Partners Investment Advisory LLC lifted its stake in shares of 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 acquiring an additional 51 shares during the last quarter. First Horizon Corp lifted its stake in shares of Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock worth $63,000 after acquiring an additional 57 shares during the last quarter. Larson Financial Group LLC boosted its holdings in Targa Resources by 4.1% during the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after acquiring an additional 60 shares during the period. Finally, Equitable Holdings Inc. boosted its holdings in Targa Resources by 3.6% during the 3rd quarter. Equitable Holdings Inc. now owns 1,714 shares of the pipeline company’s stock valued at $287,000 after acquiring an additional 60 shares during the period. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on TRGP shares. Scotiabank boosted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Mizuho lifted their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Jefferies Financial Group assumed coverage on shares of Targa Resources in a report on Thursday, June 18th. They set a “buy” rating and a $314.00 price objective for the company. Seaport Research Partners restated a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Finally, The Goldman Sachs Group raised their target price on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Seventeen analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $272.73.

Targa Resources Price Performance

Shares of TRGP opened at $258.09 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 company has a 50 day moving average price of $261.40 and a 200-day moving average price of $231.22. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $280.00. The stock has a market capitalization of $55.40 billion, a PE ratio of 26.10, a PEG ratio of 1.37 and a beta of 0.71.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business 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%. Equities analysts predict that Targa Resources, Inc. will post 10.75 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

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

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. The trade was a 13.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.37% of the stock is currently owned by insiders.

About Targa Resources

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.