Whittier Trust Co. of Nevada Inc. Sells 36,929 Shares of Targa Resources, Inc. (NYSE:TRGP)

Whittier Trust Co. of Nevada Inc. decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 26.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 103,321 shares of the pipeline company’s stock after selling 36,929 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Targa Resources were worth $20,713,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Cornerstone Planning Group LLC grew its holdings in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 110 shares during the period. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources in the 4th quarter worth approximately $31,000. Colonial Trust Co SC grew its stake in shares of Targa Resources by 5,400.0% in the 4th quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock worth $29,000 after buying an additional 162 shares during the last quarter. Cary Street Partners Financial LLC purchased a new stake in shares of Targa Resources in the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources in the 4th quarter worth approximately $32,000. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the topic of several recent research reports. Barclays upped their price target on Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. Morgan Stanley upped their price target on Targa Resources from $202.00 to $244.00 and gave the stock an “overweight” rating in a research note on Monday, March 17th. Scotiabank upped their price target 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. The Goldman Sachs Group cut their price target on Targa Resources from $218.00 to $194.00 and set a “buy” rating on the stock in a research note on Monday, May 5th. Finally, Citigroup cut their target price on Targa Resources from $227.00 to $197.00 and set a “buy” rating on the stock in a research note on Friday, May 9th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $209.57.

Targa Resources Stock Performance

TRGP stock opened at $172.67 on Tuesday. The company has a market cap of $37.46 billion, a P/E ratio of 31.80, a price-to-earnings-growth ratio of 0.61 and a beta of 1.07. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. The stock’s fifty day moving average price is $166.84 and its 200-day moving average price is $182.03. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion for the quarter, compared to analysts’ expectations of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a dividend of $1.00 per share. The ex-dividend date is Thursday, July 31st. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.32%. Targa Resources’s payout ratio is 73.66%.

Targa Resources 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.