Vontobel Holding Ltd. Trims Holdings in Targa Resources, Inc. $TRGP

Vontobel Holding Ltd. reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 29.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 5,594 shares of the pipeline company’s stock after selling 2,336 shares during the quarter. Vontobel Holding Ltd.’s holdings in Targa Resources were worth $1,500,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Woodline Partners LP increased its holdings in Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock valued at $3,693,000 after purchasing an additional 5,327 shares during the last quarter. Focus Partners Wealth lifted its stake in Targa Resources by 157.4% during the first quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock worth $788,000 after purchasing an additional 2,404 shares in the last quarter. Baird Financial Group Inc. boosted its position in shares of Targa Resources by 6.3% during the second quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock worth $644,000 after buying an additional 219 shares during the period. Brown Advisory Inc. boosted its position in shares of Targa Resources by 13.1% during the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock worth $787,000 after buying an additional 524 shares during the period. Finally, Cerity Partners LLC boosted its position in shares of Targa Resources by 11.0% during the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after buying an additional 3,163 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP stock opened at $275.77 on Friday. The business’s 50-day moving average is $269.33 and its two-hundred day moving average is $250.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. The firm has a market capitalization of $59.13 billion, a P/E ratio of 26.36, a P/E/G ratio of 1.33 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Analysts anticipate that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s payout ratio is currently 47.80%.

Analyst Ratings Changes

TRGP has been the topic of several research analyst reports. Stifel Nicolaus set a $268.00 price objective on Targa Resources in a report on Friday, May 8th. Morgan Stanley reaffirmed an “overweight” rating and issued a $333.00 target price on shares of Targa Resources in a research report on Tuesday, July 21st. TD Cowen boosted their price target on shares of Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. Weiss Ratings reissued a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Finally, Royal Bank Of Canada raised their price objective on shares of Targa Resources from $310.00 to $312.00 and gave the company an “outperform” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $295.35.

Targa Resources 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.