Summit Global Investments Cuts Position in Targa Resources Corp. (NYSE:TRGP)

Summit Global Investments trimmed its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 53.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 14,185 shares of the pipeline company’s stock after selling 16,086 shares during the period. Summit Global Investments’ holdings in Targa Resources were worth $2,844,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in Targa Resources by 22,699.0% in the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company’s stock worth $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Versant Capital Management Inc raised its holdings in Targa Resources by 43.4% in the first quarter. Versant Capital Management Inc now owns 1,173 shares of the pipeline company’s stock worth $235,000 after buying an additional 355 shares during the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in shares of Targa Resources by 27.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the pipeline company’s stock worth $231,000 after buying an additional 245 shares in the last quarter. Mascagni Wealth Management Inc. bought a new position in shares of Targa Resources in the fourth quarter worth approximately $32,000. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Targa Resources by 134.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,299 shares of the pipeline company’s stock valued at $5,587,000 after buying an additional 17,928 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on TRGP shares. Citigroup decreased their price objective on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a report on Friday, May 9th. Scotiabank restated an “outperform” rating on shares of Targa Resources in a research note on Tuesday, May 20th. Wells Fargo & Company upped their price target on Targa Resources from $204.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. UBS Group dropped their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, May 15th. Finally, Royal Bank of Canada decreased their target price on Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a research report on Thursday, May 8th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $198.79.

Targa Resources Trading Down 0.7%

Shares of NYSE:TRGP opened at $158.28 on Friday. The stock’s 50-day simple moving average is $171.18 and its two-hundred day simple moving average is $186.92. The stock has a market capitalization of $34.34 billion, a price-to-earnings ratio of 27.57, a PEG ratio of 0.61 and a beta of 1.22. Targa Resources Corp. has a 52-week low of $114.51 and a 52-week high of $218.51. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The business had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Analysts expect that Targa Resources Corp. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a $1.00 dividend. The ex-dividend date was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s payout ratio is presently 73.66%.

Targa Resources 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.