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. lessened its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 92.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Royal Bank Of Canada increased their price target on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. TD Cowen began coverage on Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 target price on the stock. TD Securities started coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating for the company. Wells Fargo & Company reiterated an "overweight" rating and issued a $205.00 price target (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, BMO Capital Markets began coverage on shares of Targa Resources in a research note on Friday. They set an "outperform" rating and a $185.00 price objective on the stock. One 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's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $207.27.

Targa Resources Trading Down 3.4%

Shares of NYSE:TRGP opened at $164.39 on Monday. The company's 50-day moving average price is $165.18 and its two-hundred day moving average price is $170.35. Targa Resources, Inc. has a one year low of $144.30 and a one year 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. The stock has a market capitalization of $35.38 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 0.97 and a beta of 1.21.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The business had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

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.

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