Patton Fund Management Inc. Decreases Stake in Targa Resources Corp. (NYSE:TRGP)

Patton Fund Management Inc. cut its stake in shares of Targa Resources Corp. (NYSE:TRGP) by 22.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,629 shares of the pipeline company’s stock after selling 5,804 shares during the period. Patton Fund Management Inc.’s holdings in Targa Resources were worth $3,935,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of TRGP. Norges Bank bought a new stake in shares of Targa Resources during the fourth quarter valued at about $505,132,000. GQG Partners LLC purchased a new position in shares of Targa Resources during the fourth quarter worth about $393,335,000. Canada Pension Plan Investment Board grew its holdings in shares of Targa Resources by 981.8% during the fourth quarter. Canada Pension Plan Investment Board now owns 1,144,109 shares of the pipeline company’s stock worth $204,223,000 after purchasing an additional 1,038,350 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Targa Resources by 22,699.0% during the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company’s stock worth $186,112,000 after purchasing an additional 924,305 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Targa Resources during the fourth quarter worth about $150,372,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

TRGP opened at $171.46 on Tuesday. The stock has a fifty day simple moving average of $166.18 and a two-hundred day simple moving average of $183.82. The company has a current ratio of 0.77, a quick ratio of 0.61 and a debt-to-equity ratio of 3.05. The company has a market cap of $37.20 billion, a price-to-earnings ratio of 29.87, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. Targa Resources Corp. has a 12-month low of $119.00 and a 12-month high of $218.51.

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

Targa Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Scotiabank upped their target price on Targa Resources from $193.00 to $197.00 and gave the stock a “sector outperform” rating in a research note on Thursday, June 5th. Truist Financial boosted their price objective on Targa Resources from $220.00 to $235.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Citigroup lowered their price objective on Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Morgan Stanley boosted their price objective on Targa Resources from $202.00 to $244.00 and gave the company an “overweight” rating in a research report on Monday, March 17th. Finally, UBS Group lowered their price objective on Targa Resources from $259.00 to $228.00 and set a “buy” rating for the company in a research report on Thursday, May 15th. Thirteen equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $199.07.

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.