Vanguard Group Inc. Cuts Stake in Targa Resources Corp (NYSE:TRGP)

Vanguard Group Inc. cut its stake in shares of Targa Resources Corp (NYSE:TRGP) by 7.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,905,041 shares of the pipeline company’s stock after selling 1,740,529 shares during the quarter. Vanguard Group Inc. owned about 9.40% of Targa Resources worth $439,634,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Creative Planning raised its holdings in Targa Resources by 5.3% in the second quarter. Creative Planning now owns 14,329 shares of the pipeline company’s stock worth $288,000 after buying an additional 723 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Targa Resources by 24.8% during the first quarter. Oppenheimer Asset Management Inc. now owns 4,743 shares of the pipeline company’s stock valued at $33,000 after acquiring an additional 944 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in Targa Resources by 211.4% in the 2nd quarter. First Horizon Advisors Inc. now owns 1,557 shares of the pipeline company’s stock worth $31,000 after acquiring an additional 1,057 shares during the last quarter. Comerica Bank lifted its position in Targa Resources by 9.2% in the 1st quarter. Comerica Bank now owns 13,255 shares of the pipeline company’s stock valued at $129,000 after acquiring an additional 1,120 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new stake in Targa Resources during the 2nd quarter valued at $67,000. 80.94% of the stock is owned by hedge funds and other institutional investors.

TRGP has been the topic of several research analyst reports. Raymond James upped their target price on shares of Targa Resources from $23.00 to $25.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Zacks Investment Research upgraded shares of Targa Resources from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, May 29th. ValuEngine downgraded Targa Resources from a “buy” rating to a “hold” rating in a research note on Monday, August 3rd. Seaport Global Securities downgraded shares of Targa Resources from a “buy” rating to a “neutral” rating in a report on Monday, July 27th. Finally, Wells Fargo & Company increased their price target on shares of Targa Resources from $16.00 to $18.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $24.29.

In other news, Director Rene R. Joyce sold 40,364 shares of Targa Resources stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $20.46, for a total transaction of $825,847.44. Following the completion of the sale, the director now directly owns 241,456 shares in the company, valued at $4,940,189.76. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.54% of the company’s stock.

TRGP stock opened at $15.03 on Wednesday. The stock has a market cap of $3.50 billion, a PE ratio of -1.80 and a beta of 2.98. Targa Resources Corp has a 12 month low of $3.66 and a 12 month high of $43.47. The company has a 50-day moving average price of $17.95 and a 200 day moving average price of $16.52. The company has a current ratio of 0.93, a quick ratio of 0.76 and a debt-to-equity ratio of 1.21.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.35. The business had revenue of $1.52 billion during the quarter, compared to analyst estimates of $1.63 billion. Targa Resources had a positive return on equity of 3.89% and a negative net margin of 22.86%. Sell-side analysts forecast that Targa Resources Corp will post 1.13 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 17th. Investors of record on Friday, July 31st were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.66%. The ex-dividend date of this dividend was Thursday, July 30th. Targa Resources’s payout ratio is currently -49.38%.

About Targa Resources

Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.

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Institutional Ownership by Quarter for Targa Resources (NYSE:TRGP)

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