Bessemer Group Inc. Decreases Holdings in Targa Resources, Inc. $TRGP

Bessemer Group Inc. decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 23.2% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 1,893 shares of the pipeline company’s stock after selling 573 shares during the quarter. Bessemer Group Inc.’s holdings in Targa Resources were worth $330,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in TRGP. Stratos Wealth Advisors LLC boosted its stake in Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock worth $356,000 after purchasing an additional 62 shares during the period. UMB Bank n.a. boosted its stake in Targa Resources by 11.9% in the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock worth $115,000 after purchasing an additional 70 shares during the period. QRG Capital Management Inc. boosted its stake in Targa Resources by 0.8% in the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock worth $1,618,000 after purchasing an additional 72 shares during the period. D.A. Davidson & CO. boosted its stake in Targa Resources by 1.8% in the 1st quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company’s stock worth $855,000 after purchasing an additional 74 shares during the period. Finally, Proficio Capital Partners LLC boosted its stake in Targa Resources by 6.1% in the 1st quarter. Proficio Capital Partners LLC now owns 1,373 shares of the pipeline company’s stock worth $275,000 after purchasing an additional 79 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

TRGP opened at $156.03 on Tuesday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51. The stock has a market capitalization of $33.58 billion, a PE ratio of 22.07, a price-to-earnings-growth ratio of 0.91 and a beta of 1.12. The stock’s 50 day moving average price is $161.27 and its 200-day moving average price is $164.83.

Targa Resources (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.82 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be issued a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s payout ratio is 56.58%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. JPMorgan Chase & Co. raised their price target on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a report on Tuesday, October 7th. Wall Street Zen raised Targa Resources from a “hold” rating to a “buy” rating in a report on Sunday, September 21st. Barclays raised their price target on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They issued a “hold” rating and a $192.00 price target on the stock. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources Company 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.