Patton Fund Management Inc. Lowers Stock Holdings in Targa Resources, Inc. $TRGP

Patton Fund Management Inc. cut its holdings in Targa Resources, Inc. (NYSE:TRGP) by 92.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,532 shares of the pipeline company’s stock after selling 18,097 shares during the quarter. Patton Fund Management Inc.’s holdings in Targa Resources were worth $267,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after buying an additional 110 shares in the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources in the fourth quarter valued at approximately $32,000. Disciplina Capital Management LLC purchased a new stake in shares of Targa Resources in the first quarter valued at approximately $46,000. Olde Wealth Management LLC purchased a new stake in shares of Targa Resources in the first quarter valued at approximately $52,000. Finally, ST Germain D J Co. Inc. purchased a new stake in shares of Targa Resources in the first quarter valued at approximately $60,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TRGP. JPMorgan Chase & Co. lifted their price target on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Wall Street Zen upgraded Targa Resources from a “hold” rating to a “buy” rating in a research note on Sunday, September 21st. BMO Capital Markets initiated coverage on Targa Resources in a report on Friday, September 19th. They set an “outperform” rating and a $185.00 price objective for the company. Royal Bank Of Canada lifted their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Finally, Mizuho reduced their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a report on Friday, August 29th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $207.27.

Targa Resources Stock Up 1.5%

Shares of NYSE:TRGP opened at $174.36 on Friday. The company has a market capitalization of $37.52 billion, a P/E ratio of 24.66, a P/E/G ratio of 1.03 and a beta of 1.20. The stock’s fifty day simple moving average is $165.34 and its 200-day simple moving average is $170.04. Targa Resources, Inc. has a 52-week low of $144.30 and a 52-week high of $218.51. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, equities research analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a $1.00 dividend. This is a positive change from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Targa Resources’s payout ratio is currently 56.58%.

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.