First Republic Investment Management Inc. reduced its stake in shares of Targa Resources Corp (NYSE:TRGP) by 45.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,004 shares of the pipeline company’s stock after selling 88,819 shares during the quarter. First Republic Investment Management Inc.’s holdings in Targa Resources were worth $4,446,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Claybrook Capital LLC purchased a new stake in Targa Resources in the fourth quarter valued at about $25,000. Lavaca Capital LLC purchased a new position in shares of Targa Resources in the fourth quarter worth about $36,000. Rehmann Capital Advisory Group raised its stake in shares of Targa Resources by 800.8% in the fourth quarter. Rehmann Capital Advisory Group now owns 1,063 shares of the pipeline company’s stock worth $38,000 after purchasing an additional 945 shares during the last quarter. Enterprise Financial Services Corp raised its stake in shares of Targa Resources by 36.3% in the fourth quarter. Enterprise Financial Services Corp now owns 1,202 shares of the pipeline company’s stock worth $43,000 after purchasing an additional 320 shares during the last quarter. Finally, Baillie Gifford & Co. raised its stake in shares of Targa Resources by 21.9% in the fourth quarter. Baillie Gifford & Co. now owns 1,783 shares of the pipeline company’s stock worth $64,000 after purchasing an additional 320 shares during the last quarter. Hedge funds and other institutional investors own 91.62% of the company’s stock.
Several research analysts have recently issued reports on TRGP shares. Evercore ISI restated an “in-line” rating on shares of Targa Resources in a research note on Wednesday, April 24th. UBS Group reduced their price objective on Targa Resources from $65.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, January 8th. JPMorgan Chase & Co. upgraded Targa Resources from a “neutral” rating to an “overweight” rating and reduced their price objective for the stock from $59.00 to $54.00 in a research note on Tuesday, January 8th. Zacks Investment Research cut Targa Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, April 25th. Finally, Barclays set a $55.00 price objective on Targa Resources and gave the stock a “buy” rating in a research note on Wednesday, January 16th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $55.45.
Targa Resources (NYSE:TRGP) last posted its earnings results on Friday, March 1st. The pipeline company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.05 by $0.08. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.71 billion. Targa Resources had a return on equity of 2.32% and a net margin of 0.02%. Research analysts anticipate that Targa Resources Corp will post -0.41 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Wednesday, May 1st will be issued a dividend of $0.91 per share. This represents a $3.64 annualized dividend and a yield of 9.11%. The ex-dividend date of this dividend is Tuesday, April 30th. Targa Resources’s dividend payout ratio (DPR) is 1,820.00%.
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Targa Resources Profile
Targa Resources Corp., together with its subsidiary, Targa Resources Partners LP, owns, operates, acquires, and develops a portfolio of midstream energy assets in North America. It operates in two segments, Gathering and Processing, and Logistics and Marketing. The company engages 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; gathering, storing, terminaling, and selling crude oil; and storing, terminaling, and selling refined petroleum products.
See Also: Return on Equity (ROE)
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