Chapin Davis Inc. Sells 2,680 Shares of Targa Resources, Inc. (NYSE:TRGP)

Chapin Davis Inc. lowered its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 8.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,331 shares of the pipeline company's stock after selling 2,680 shares during the quarter. Targa Resources makes up approximately 2.1% of Chapin Davis Inc.'s holdings, making the stock its 10th largest position. Chapin Davis Inc.'s holdings in Targa Resources were worth $6,081,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Colonial Trust Co SC grew its holdings in 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 in the last quarter. Atala Financial Inc bought a new position in shares of Targa Resources in the fourth quarter worth $31,000. Cary Street Partners Financial LLC acquired a new position in shares of Targa Resources during the fourth quarter valued at $31,000. Ameriflex Group Inc. bought a new stake in shares of Targa Resources during the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. bought a new stake in shares of Targa Resources during the fourth quarter valued at about $32,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

TRGP opened at $170.78 on Monday. The stock has a fifty day moving average price of $166.30 and a 200 day moving average price of $183.08. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51. The stock has a market cap of $37.05 billion, a price-to-earnings ratio of 31.45, a PEG ratio of 0.60 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results 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). The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. Analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a dividend of $1.00 per share. The ex-dividend date was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources's dividend payout ratio is currently 73.66%.

Wall Street Analysts Forecast Growth

Several research firms have commented on TRGP. Mizuho set a $212.00 target price on shares of Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Truist Financial upped their target price on Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Morgan Stanley increased their price target on Targa Resources from $202.00 to $244.00 and gave the company an "overweight" rating in a research note on Monday, March 17th. Royal Bank Of Canada cut their price objective on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Finally, The Goldman Sachs Group cut their price target on shares of Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $199.07.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.