BI Asset Management Fondsmaeglerselskab A S Cuts Stock Holdings in Targa Resources, Inc. $TRGP

BI Asset Management Fondsmaeglerselskab A S reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 33.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,495 shares of the pipeline company’s stock after selling 3,234 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Targa Resources were worth $1,628,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Norges Bank purchased a new position in shares of Targa Resources during the fourth quarter valued at about $735,758,000. Wellington Management Group LLP increased its stake in Targa Resources by 9.0% in the 3rd quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock worth $3,291,012,000 after acquiring an additional 1,620,253 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Targa Resources by 48.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after acquiring an additional 1,075,246 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Targa Resources in the 3rd quarter worth approximately $121,426,000. Finally, Tortoise Capital Advisors L.L.C. raised its stake in Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after purchasing an additional 572,562 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 1.0%

Shares of NYSE TRGP opened at $266.05 on Thursday. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The company has a market cap of $57.11 billion, a P/E ratio of 26.90, a PEG ratio of 1.38 and a beta of 0.72. The firm has a 50-day simple moving average of $258.23 and a two-hundred day simple moving average of $228.18.

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

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 15th. Stockholders of record on Thursday, April 30th were paid a dividend of $1.25 per share. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend was Thursday, April 30th. Targa Resources’s payout ratio is presently 50.56%.

Insider Activity

In other news, Director Charles R. Crisp sold 10,602 shares of the company’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the transaction, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.37% of the company’s stock.

Analyst Upgrades and Downgrades

TRGP has been the subject of several research reports. Wells Fargo & Company increased their price objective on shares of Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Royal Bank Of Canada restated an “outperform” rating and set a $281.00 price objective on shares of Targa Resources in a research report on Tuesday, May 12th. Morgan Stanley boosted their target price on Targa Resources from $327.00 to $331.00 and gave the company an “overweight” rating in a research report on Tuesday, May 12th. Citigroup reissued a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group increased their price target on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. Sixteen analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $272.73.

About Targa Resources

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.