SG Americas Securities LLC Has $19.42 Million Stock Holdings in Targa Resources, Inc. $TRGP

SG Americas Securities LLC trimmed its position in Targa Resources, Inc. (NYSE:TRGP) by 42.3% during the first quarter, Holdings Channel reports. The institutional investor owned 77,465 shares of the pipeline company’s stock after selling 56,813 shares during the quarter. SG Americas Securities LLC’s holdings in Targa Resources were worth $19,423,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 9.0% during the third quarter. Wellington Management Group LLP now owns 19,643,139 shares of the pipeline company’s stock valued at $3,291,012,000 after acquiring an additional 1,620,253 shares during the period. State Street Corp increased its position in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC raised its holdings in Targa Resources by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Norges Bank bought a new stake in Targa Resources during the 4th quarter worth about $735,758,000. Finally, Tortoise Capital Advisors L.L.C. lifted its position in Targa Resources by 20.3% during the 4th 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 during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Price Performance

Targa Resources stock opened at $273.25 on Friday. The firm has a market capitalization of $58.65 billion, a P/E ratio of 27.63, a PEG ratio of 1.36 and a beta of 0.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $280.00. The business has a 50-day moving average of $258.91 and a 200-day moving average of $228.83. The company has a current ratio of 0.72, a quick ratio of 0.62 and a debt-to-equity ratio of 5.64.

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

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Shareholders of record on Thursday, April 30th were paid a $1.25 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This is a boost from Targa Resources’s previous quarterly dividend of $1.00. This represents a $5.00 annualized dividend and a yield of 1.8%. Targa Resources’s payout ratio is currently 50.56%.

Insider Buying and Selling

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the stock in a transaction on 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 sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This trade 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. Insiders own 1.37% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on TRGP. Jefferies Financial Group started coverage on shares of Targa Resources in a research note on Thursday, June 18th. They issued a “buy” rating and a $314.00 target price on the stock. The Goldman Sachs Group increased their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a report on Monday, April 20th. UBS Group raised their price objective on shares of Targa Resources from $228.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, March 24th. Scotiabank lifted their target price on shares of Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $281.00 target price on shares of Targa Resources in a research report on Tuesday, May 12th. Seventeen research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus 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.