Greenleaf Trust Lowers Position in Targa Resources, Inc. $TRGP

Greenleaf Trust lessened its position in Targa Resources, Inc. (NYSE:TRGP) by 3.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 6,087 shares of the pipeline company’s stock after selling 243 shares during the quarter. Greenleaf Trust’s holdings in Targa Resources were worth $1,060,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Ritholtz Wealth Management grew its holdings in shares of Targa Resources by 1.3% in the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock worth $991,000 after acquiring an additional 62 shares during the period. Stratos Wealth Advisors LLC grew its holdings in shares of Targa Resources by 3.6% in the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock worth $356,000 after acquiring an additional 62 shares during the period. UMB Bank n.a. grew its holdings in shares of Targa Resources by 11.9% in the second quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock worth $115,000 after acquiring an additional 70 shares during the period. Curated Wealth Partners LLC grew its holdings in shares of Targa Resources by 2.2% in the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock worth $670,000 after acquiring an additional 73 shares during the period. Finally, D.A. Davidson & CO. lifted its position in Targa Resources by 1.8% during the first quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company’s stock valued at $855,000 after purchasing an additional 74 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $168.10 on Thursday. The stock’s 50-day simple moving average is $165.61 and its 200-day simple moving average is $169.78. Targa Resources, Inc. has a 52 week low of $150.00 and a 52 week high of $218.51. The company has a market capitalization of $36.17 billion, a price-to-earnings ratio of 23.78, a PEG ratio of 0.99 and a beta of 1.12. 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 posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, analysts expect 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. Investors of record on Thursday, July 31st were given a $1.00 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, July 31st. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

Analyst Ratings Changes

TRGP has been the topic of several analyst reports. Royal Bank Of Canada lifted their target price on Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. JPMorgan Chase & Co. lifted their target price on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. Barclays lifted their target price on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research report on Thursday, July 10th. TD Cowen initiated coverage on Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 target price on the stock. Finally, TD Securities initiated coverage on Targa Resources in a research report on Monday, July 7th. They set a “hold” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $207.27.

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.