Chapin Davis Inc. Sells 27,932 Shares of Targa Resources, Inc. $TRGP

Key Points

• Chapin Davis Inc. reduced its stake in Targa Resources by 92.1%, selling 27,932 shares and holding only 2,399 shares worth $418,000 at the end of the last quarter.
• Targa Resources recently raised its quarterly dividend to $1.00, boosting its annualized dividend yield to 2.4% from a previous $0.12.
• The company reported $2.87 EPS for the last quarter, significantly exceeding analysts' expectations of $1.95, despite reporting revenue below consensus estimates at $4.26 billion.

Chapin Davis Inc. reduced its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 92.1% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,399 shares of the pipeline company's stock after selling 27,932 shares during the quarter. Chapin Davis Inc.'s holdings in Targa Resources were worth $418,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Cornerstone Planning Group LLC raised its stake 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 buying an additional 110 shares in the last quarter. Ameriflex Group Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $31,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources during the fourth quarter worth $32,000. Copia Wealth Management purchased a new position in shares of Targa Resources in the 4th quarter worth $37,000. Finally, Disciplina Capital Management LLC purchased a new position in shares of Targa Resources in the 1st quarter worth $46,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Up 0.6%

TRGP stock traded up $0.98 during midday trading on Monday, hitting $165.41. The company's stock had a trading volume of 1,586,528 shares, compared to its average volume of 1,374,582. The stock has a market capitalization of $35.59 billion, a P/E ratio of 23.40, a PEG ratio of 0.97 and a beta of 1.21. The company's fifty day moving average price is $165.04 and its 200 day moving average price is $170.24. Targa Resources, Inc. has a twelve month low of $144.30 and a twelve month high of $218.51. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to analyst estimates 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 predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $1.00 per share. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio is currently 56.58%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TRGP shares. TD Securities initiated coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating on the stock. Barclays boosted their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. BMO Capital Markets initiated coverage on shares of Targa Resources in a research report on Friday. They set an "outperform" rating and a $185.00 price objective on the stock. TD Cowen began coverage on Targa Resources in a research note on Monday, July 7th. They set a "hold" rating and a $192.00 price target for the company. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of "Moderate Buy" and a consensus target price 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.