Westwood Holdings Group Inc. Sells 1,043,175 Shares of Targa Resources, Inc. $TRGP

Westwood Holdings Group Inc. lowered its position in Targa Resources, Inc. (NYSE:TRGP) by 95.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 50,891 shares of the pipeline company’s stock after selling 1,043,175 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Targa Resources were worth $8,859,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in TRGP. Intech Investment Management LLC lifted its position in Targa Resources by 436.0% during the second quarter. Intech Investment Management LLC now owns 248,701 shares of the pipeline company’s stock valued at $43,294,000 after purchasing an additional 202,302 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Targa Resources by 1.6% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 357,699 shares of the pipeline company’s stock worth $62,268,000 after acquiring an additional 5,691 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Targa Resources by 5.0% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,443,530 shares of the pipeline company’s stock worth $251,290,000 after acquiring an additional 68,795 shares in the last quarter. Candriam S.C.A. grew its position in Targa Resources by 0.4% in the second quarter. Candriam S.C.A. now owns 28,542 shares of the pipeline company’s stock worth $4,969,000 after acquiring an additional 110 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its stake in Targa Resources by 3.1% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 32,525 shares of the pipeline company’s stock valued at $5,662,000 after acquiring an additional 984 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of research reports. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, November 8th. Royal Bank Of Canada lifted their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Scotiabank cut their price target on shares of Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. lifted their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. One investment 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. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $209.86.

Targa Resources Trading Up 1.9%

TRGP opened at $173.00 on Friday. The firm has a market capitalization of $37.13 billion, a price-to-earnings ratio of 24.47, a PEG ratio of 0.91 and a beta of 1.16. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The business has a 50 day simple moving average of $161.75 and a two-hundred day simple moving average of $164.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $4.70 billion. Analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be given a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. Targa Resources’s dividend payout ratio is currently 53.19%.

Targa Resources Company 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.