Targa Resources Corp. (NYSE:TRGP) Shares Sold by Axecap Investments LLC

Axecap Investments LLC decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP) by 6.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,384 shares of the pipeline company’s stock after selling 1,382 shares during the quarter. Targa Resources makes up 3.6% of Axecap Investments LLC’s holdings, making the stock its 6th biggest position. Axecap Investments LLC’s holdings in Targa Resources were worth $4,287,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TRGP. Ameriflex Group Inc. acquired a new position in shares of Targa Resources in the fourth quarter worth approximately $31,000. Colonial Trust Co SC grew its holdings in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after buying an additional 162 shares in the last quarter. Atala Financial Inc bought a new stake in Targa Resources during the fourth quarter worth $31,000. Cary Street Partners Financial LLC purchased a new position in Targa Resources in the fourth quarter worth $31,000. Finally, Mascagni Wealth Management Inc. purchased a new position in Targa Resources in the fourth quarter worth $32,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on TRGP. Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research report on Tuesday, March 18th. Mizuho set a $212.00 price target on Targa Resources and gave the company an “outperform” rating in a report on Tuesday, May 20th. UBS Group reduced their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating on the stock in a research report on Thursday, May 15th. Barclays reduced their price objective on Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 20th. Finally, US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus target price of $199.07.

Targa Resources Trading Up 2.8%

NYSE TRGP opened at $169.75 on Thursday. The stock has a market cap of $36.82 billion, a P/E ratio of 29.57, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. The company has a debt-to-equity ratio of 3.05, a quick ratio of 0.61 and a current ratio of 0.77. The stock has a 50 day simple moving average of $165.58 and a two-hundred day simple moving average of $184.71. Targa Resources Corp. has a fifty-two week low of $118.93 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The firm had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a net margin of 7.81% and a return on equity of 28.67%. On average, analysts forecast that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

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

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.