Targa Resources, Inc. $TRGP Shares Sold by AlphaQuest LLC

AlphaQuest LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 66.0% during the second quarter, Holdings Channel reports. The firm owned 3,681 shares of the pipeline company’s stock after selling 7,138 shares during the quarter. AlphaQuest LLC’s holdings in Targa Resources were worth $641,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in shares of Targa Resources by 1.6% during the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock worth $5,529,820,000 after purchasing an additional 423,667 shares during the period. Wellington Management Group LLP increased its holdings in shares of Targa Resources by 7.5% in the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after acquiring an additional 962,631 shares during the period. Invesco Ltd. increased its holdings in shares of Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after acquiring an additional 139,780 shares during the period. GQG Partners LLC increased its holdings in shares of Targa Resources by 64.0% in the 1st quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after acquiring an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Targa Resources by 2.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company’s stock worth $568,217,000 after acquiring an additional 77,999 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Stock Performance

Shares of TRGP opened at $153.92 on Tuesday. The firm has a 50-day moving average price of $162.14 and a 200 day moving average price of $165.35. The firm has a market capitalization of $33.12 billion, a PE ratio of 21.77, a P/E/G ratio of 0.98 and a beta of 1.12. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, sell-side analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be issued a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s dividend payout ratio is presently 56.58%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. TD Cowen assumed coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a “hold” rating and a $192.00 price objective on the stock. Cfra Research raised shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $209.50.

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.