Brown Advisory Inc. Cuts Holdings in Targa Resources, Inc. (NYSE:TRGP)

Brown Advisory Inc. reduced its position in Targa Resources, Inc. (NYSE:TRGP) by 73.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,997 shares of the pipeline company’s stock after selling 11,235 shares during the quarter. Brown Advisory Inc.’s holdings in Targa Resources were worth $801,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Targa Resources by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company’s stock valued at $4,848,169,000 after purchasing an additional 150,038 shares in the last quarter. Geode Capital Management LLC increased its position 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 acquiring an additional 212,986 shares during the last quarter. Norges Bank purchased a new stake in shares of Targa Resources during the fourth quarter worth about $505,132,000. Price T Rowe Associates Inc. MD increased its position in shares of Targa Resources by 2.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company’s stock worth $492,022,000 after acquiring an additional 53,853 shares during the last quarter. Finally, GQG Partners LLC purchased a new stake in shares of Targa Resources during the fourth quarter worth about $393,335,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on TRGP shares. The Goldman Sachs Group dropped their target price on Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. Scotiabank lifted their price target on Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 5th. US Capital Advisors upgraded Targa Resources from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 7th. TD Securities started coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating for the company. Finally, Citigroup decreased their price target on Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research note on Friday, May 9th. Two equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $209.57.

Targa Resources Stock Performance

TRGP opened at $172.67 on Tuesday. The business’s 50 day moving average is $166.84 and its 200-day moving average is $182.03. The stock has a market cap of $37.46 billion, a PE ratio of 31.80, a price-to-earnings-growth ratio of 0.61 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, Inc. has a twelve month low of $122.56 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $5.01 billion. On average, analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company 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 2.32%. Targa Resources’s payout ratio is presently 73.66%.

Targa Resources Profile

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.