Edgestream Partners L.P. Decreases Holdings in Targa Resources, Inc. $TRGP

Edgestream Partners L.P. cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 70.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,899 shares of the pipeline company’s stock after selling 6,945 shares during the quarter. Edgestream Partners L.P.’s holdings in Targa Resources were worth $727,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Targa Resources during the fourth quarter valued at about $735,758,000. Goldman Sachs Group Inc. increased its holdings in Targa Resources by 48.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock worth $607,023,000 after buying 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 third quarter worth about $121,426,000. Tortoise Capital Advisors L.L.C. raised its position in Targa Resources by 20.3% in the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock worth $625,272,000 after acquiring an additional 572,562 shares during the period. Finally, UniSuper Management Pty Ltd boosted its stake in Targa Resources by 1,811.0% in the fourth quarter. UniSuper Management Pty Ltd now owns 444,335 shares of the pipeline company’s stock valued at $81,980,000 after acquiring an additional 421,084 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

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

Targa Resources Stock Down 0.5%

TRGP opened at $263.40 on Wednesday. The firm has a market capitalization of $56.54 billion, a P/E ratio of 26.63, a price-to-earnings-growth ratio of 1.35 and a beta of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04. The company has a fifty day moving average price of $268.78 and a 200-day moving average price of $246.75. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62.

Targa Resources (NYSE:TRGP) last issued 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 during 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%. Equities research analysts expect that Targa Resources, Inc. will post 10.8 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, July 31st. Targa Resources’s dividend payout ratio is currently 50.56%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Scotiabank raised their price target on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 12th. Weiss Ratings reiterated a “buy (b)” rating on shares of Targa Resources in a research note on Thursday, July 2nd. UBS Group reissued a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a report on Thursday, July 9th. Barclays raised their target price on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Finally, JPMorgan Chase & Co. boosted their target price on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Seventeen investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and a consensus target price of $288.00.

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.