Covea Finance Cuts Stake in Targa Resources, Inc. (NYSE:TRGP)

Covea Finance cut its position in Targa Resources, Inc. (NYSE:TRGP) by 27.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 51,740 shares of the pipeline company’s stock after selling 19,500 shares during the period. Covea Finance’s holdings in Targa Resources were worth $10,372,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of TRGP. Snowden Capital Advisors LLC boosted its holdings in shares of Targa Resources by 2.0% in the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock valued at $473,000 after buying an additional 53 shares in the last quarter. Ritholtz Wealth Management boosted its holdings in shares of Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock valued at $991,000 after buying an additional 62 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in shares of Targa Resources by 3.1% in the 4th quarter. Fisher Asset Management LLC now owns 2,217 shares of the pipeline company’s stock valued at $396,000 after buying an additional 67 shares in the last quarter. Keybank National Association OH boosted its holdings in shares of Targa Resources by 0.4% in the 4th quarter. Keybank National Association OH now owns 19,440 shares of the pipeline company’s stock valued at $3,470,000 after buying an additional 70 shares in the last quarter. Finally, Curated Wealth Partners LLC boosted its holdings in shares of Targa Resources by 2.2% in the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock valued at $670,000 after buying an additional 73 shares in the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TRGP has been the subject of several research analyst reports. Royal Bank Of Canada lowered their target price on shares of Targa Resources from $199.00 to $191.00 and set an “outperform” rating for the company in a report on Thursday, May 8th. Morgan Stanley increased their price target on shares of Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Mizuho set a $212.00 price target on shares of Targa Resources and gave the stock an “outperform” rating in a research note on Tuesday, May 20th. Scotiabank increased their price target on shares of Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 5th. Finally, Citigroup decreased their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, Targa Resources currently has an average rating of “Buy” and a consensus target price of $199.07.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $170.78 on Friday. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. The company’s 50-day moving average price is $166.30 and its 200 day moving average price is $183.27. Targa Resources, Inc. has a 52 week low of $122.56 and a 52 week high of $218.51. The stock has a market cap of $37.05 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 0.59 and a beta of 1.07.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. The business had revenue of $4.56 billion during the quarter, compared to analysts’ expectations of $5.01 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given 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%.

About Targa Resources

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.