Choreo LLC Sells 373 Shares of Targa Resources, Inc. (NYSE:TRGP)

Choreo LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 5.7% in the first quarter, HoldingsChannel reports. The institutional investor owned 6,220 shares of the pipeline company’s stock after selling 373 shares during the quarter. Choreo LLC’s holdings in Targa Resources were worth $1,247,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Geode Capital Management LLC raised its stake in shares of Targa Resources by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company’s stock worth $1,056,187,000 after buying an additional 212,986 shares during the last quarter. Norges Bank bought a new stake in Targa Resources in the fourth quarter valued at approximately $505,132,000. Price T Rowe Associates Inc. MD increased its stake in Targa Resources by 2.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock valued at $492,022,000 after purchasing an additional 53,853 shares in the last quarter. Northern Trust Corp increased its stake in Targa Resources by 8.5% in the fourth quarter. Northern Trust Corp now owns 2,191,307 shares of the pipeline company’s stock valued at $391,148,000 after purchasing an additional 170,755 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in Targa Resources by 22.0% in the fourth quarter. Nuveen Asset Management LLC now owns 1,955,316 shares of the pipeline company’s stock valued at $349,024,000 after purchasing an additional 353,165 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research note on Tuesday, July 15th. Mizuho set a $212.00 target price on shares of Targa Resources and gave the company an “outperform” rating in a research note on Tuesday, May 20th. Citigroup lowered their target price 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. The Goldman Sachs Group lowered their target price on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research note on Monday, May 5th. Finally, Barclays upped their target price on shares of Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Buy” and a consensus target price of $209.86.

Targa Resources Stock Performance

Shares of TRGP opened at $165.66 on Friday. Targa Resources, Inc. has a 12 month low of $122.56 and a 12 month high of $218.51. The firm has a fifty day simple moving average of $167.29 and a 200 day simple moving average of $181.02. The stock has a market capitalization of $35.94 billion, a price-to-earnings ratio of 30.51, a PEG ratio of 1.08 and a beta of 1.07. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04.

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

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.41%. Targa Resources’s dividend payout ratio is presently 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.