First Citizens Bank & Trust Co. Trims Holdings in Targa Resources Corp. (NYSE:TRGP)

First Citizens Bank & Trust Co. lessened its stake in Targa Resources Corp. (NYSE:TRGP) by 11.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,026 shares of the pipeline company’s stock after selling 131 shares during the period. First Citizens Bank & Trust Co.’s holdings in Targa Resources were worth $206,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Colonial Trust Co SC grew its holdings in Targa Resources by 5,400.0% during the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after acquiring an additional 162 shares in the last quarter. Atala Financial Inc bought a new position in shares of Targa Resources during the fourth quarter worth about $31,000. Cary Street Partners Financial LLC acquired a new position in Targa Resources in the fourth quarter worth about $31,000. Ameriflex Group Inc. acquired a new position in Targa Resources in the fourth quarter worth about $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in Targa Resources in the fourth quarter valued at about $32,000. Institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on TRGP. Morgan Stanley lifted their target price on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research report on Monday, March 17th. UBS Group decreased their price objective on shares of Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a report on Thursday, May 15th. US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Wells Fargo & Company raised their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Mizuho set a $212.00 price objective on shares of Targa Resources and gave the company an “outperform” rating in a research report on Tuesday, May 20th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $199.07.

Targa Resources Trading Up 2.8%

Shares of NYSE:TRGP opened at $169.75 on Thursday. Targa Resources Corp. has a fifty-two week low of $118.93 and a fifty-two week high of $218.51. The company has a quick ratio of 0.61, a current ratio of 0.77 and a debt-to-equity ratio of 3.05. The company has a market cap of $36.82 billion, a PE ratio of 29.57, a P/E/G ratio of 0.61 and a beta of 1.07. The company’s 50-day moving average price is $165.58 and its 200 day moving average price is $184.71.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. The business had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Sell-side analysts anticipate that Targa Resources Corp. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a yield of 2.34%. Targa Resources’s dividend payout ratio (DPR) is presently 73.66%.

About Targa Resources

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.