Ieq Capital LLC Sells 919 Shares of Targa Resources Corp. (NYSE:TRGP)

Posted by Defense World Staff on Apr 30th, 2023

Ieq Capital LLC decreased its holdings in Targa Resources Corp. (NYSE:TRGP – Get Rating) by 16.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 4,757 shares of the pipeline company’s stock after selling 919 shares during the period. Ieq Capital LLC’s holdings in Targa Resources were worth $350,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Ellevest Inc. grew its position in Targa Resources by 122.9% in the fourth quarter. Ellevest Inc. now owns 350 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 193 shares during the last quarter. MinichMacGregor Wealth Management LLC acquired a new position in Targa Resources during the 4th quarter worth approximately $31,000. Fred Alger Management LLC bought a new position in Targa Resources in the 3rd quarter valued at approximately $56,000. National Bank of Canada FI lifted its stake in shares of Targa Resources by 46.6% in the 3rd quarter. National Bank of Canada FI now owns 1,180 shares of the pipeline company’s stock valued at $72,000 after acquiring an additional 375 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC acquired a new stake in shares of Targa Resources during the 4th quarter valued at $105,000. Institutional investors and hedge funds own 88.29% of the company’s stock.

Targa Resources Stock Up 1.7 %

Shares of NYSE TRGP opened at $75.53 on Friday. Targa Resources Corp. has a 12-month low of $55.56 and a 12-month high of $80.40. The company has a quick ratio of 0.64, a current ratio of 0.77 and a debt-to-equity ratio of 2.15. The firm has a market cap of $17.09 billion, a PE ratio of 19.42 and a beta of 2.28. The company’s fifty day simple moving average is $73.99 and its 200 day simple moving average is $72.69.

Targa Resources (NYSE:TRGP – Get Rating) last issued its earnings results on Wednesday, February 22nd. The pipeline company reported $1.38 EPS for the quarter, beating analysts’ consensus estimates of $1.29 by $0.09. Targa Resources had a return on equity of 25.20% and a net margin of 5.46%. The business had revenue of $4.55 billion during the quarter, compared to analyst estimates of $5.38 billion. As a group, sell-side analysts forecast that Targa Resources Corp. will post 5.9 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, May 15th. Stockholders of record on Friday, April 28th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.65%. This is a positive change from Targa Resources’s previous quarterly dividend of $0.35. The ex-dividend date is Thursday, April 27th. Targa Resources’s dividend payout ratio is presently 51.41%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on TRGP shares. UBS Group increased their target price on Targa Resources from $106.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, April 6th. Scotiabank assumed coverage on shares of Targa Resources in a research report on Thursday, March 2nd. They set an “outperform” rating and a $115.00 target price on the stock. Wells Fargo & Company upped their price target on shares of Targa Resources from $89.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, March 1st. Capital One Financial reiterated an “overweight” rating on shares of Targa Resources in a report on Thursday, April 20th. Finally, Seaport Res Ptn reissued a “buy” rating on shares of Targa Resources in a research note on Thursday, February 16th. One equities research analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $99.45.

About Targa Resources

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Targa Resources Corp. provides midstream natural gas and natural gas liquids services. It also provides gathering, storing, and terminaling crude oil, and storing, terminaling, and selling refined petroleum products. It operates through the following business segments: Gathering and Processing, and Logistics and Transportation.