Targa Resources Corp. (NYSE:TRGP) Shares Sold by Kings Path Partners LLC

Kings Path Partners LLC trimmed its stake in Targa Resources Corp. (NYSE:TRGP) by 9.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,572 shares of the pipeline company’s stock after selling 946 shares during the quarter. Targa Resources makes up 0.9% of Kings Path Partners LLC’s portfolio, making the stock its 24th biggest holding. Kings Path Partners LLC’s holdings in Targa Resources were worth $1,919,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently made changes to their positions in TRGP. Versant Capital Management Inc increased its stake 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 valued at $235,000 after purchasing an additional 355 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its stake in 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 valued at $231,000 after purchasing an additional 245 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new position in Targa Resources in the fourth quarter valued at $32,000. Wealth Enhancement Advisory Services LLC increased its stake in Targa Resources by 134.1% in 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 purchasing an additional 17,928 shares during the last quarter. Finally, Lansforsakringar Fondforvaltning AB publ acquired a new position in Targa Resources in the fourth quarter valued at $11,903,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. The Goldman Sachs Group dropped their target price on Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Mizuho set a $212.00 target price on Targa Resources and gave the company an “outperform” rating in a research note on Tuesday, May 20th. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Tuesday, May 20th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Finally, Royal Bank of Canada lowered their price target 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 issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $198.79.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $158.28 on Friday. Targa Resources Corp. has a 1-year low of $114.51 and a 1-year high of $218.51. The business has a 50-day moving average of $171.18 and a 200-day moving average of $186.92. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. The company 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 (NYSE:TRGP) last issued its earnings results 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). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The company had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. On average, equities analysts anticipate that Targa Resources Corp. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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

About Targa Resources

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.