Fort Washington Investment Advisors Inc. OH Lowers Stock Position in Targa Resources, Inc. $TRGP

Fort Washington Investment Advisors Inc. OH cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 25.6% in the first quarter, Holdings Channel.com reports. The fund owned 19,299 shares of the pipeline company’s stock after selling 6,657 shares during the period. Fort Washington Investment Advisors Inc. OH’s holdings in Targa Resources were worth $4,839,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Atlantic Union Bankshares Corp acquired a new position in shares of Targa Resources in the 4th quarter worth approximately $27,000. Olistico Wealth LLC purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources in the 4th quarter valued at approximately $30,000. Leonteq Securities AG acquired a new stake in Targa Resources in the 4th quarter valued at approximately $31,000. Finally, Godfrey Financial Associates Inc. purchased a new stake in Targa Resources in the fourth quarter valued at approximately $37,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the sale, the director owned 66,492 shares in the company, valued at $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.37% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have commented on the company. Stifel Nicolaus set a $268.00 price target on Targa Resources in a research note on Friday, May 8th. Scotiabank lifted their price objective on Targa Resources from $249.00 to $257.00 and gave the company an “outperform” rating in a research note on Tuesday, May 12th. Erste Group Bank started coverage on Targa Resources in a report on Thursday, June 25th. They issued a “buy” rating on the stock. The Goldman Sachs Group increased their target price on Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research note on Monday, April 20th. Finally, Barclays raised their target price on Targa Resources from $262.00 to $270.00 and gave the company an “overweight” rating in a report on Tuesday, June 23rd. Seventeen analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Targa Resources has a consensus rating of “Moderate Buy” and an average target price of $272.73.

Targa Resources Stock Performance

Shares of TRGP stock opened at $271.09 on Tuesday. The firm has a 50 day moving average of $260.21 and a two-hundred day moving average of $230.11. The stock has a market capitalization of $58.19 billion, a PE ratio of 27.41, a P/E/G ratio of 1.40 and a beta of 0.72. The company has a quick ratio of 0.62, a current ratio of 0.72 and a debt-to-equity ratio of 5.64. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. On average, research analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s payout ratio is presently 50.56%.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.