CHICAGO TRUST Co NA Decreases Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• CHICAGO TRUST Co NA reduced its holdings in Targa Resources by 44.0% during the second quarter, leaving them with 2,769 shares worth approximately $482,000.
• Several analysts have recently upgraded their ratings on Targa Resources, with a consensus rating of "Moderate Buy" and an average price target of $207.27.
• Targa Resources announced a quarterly dividend of $1.00 per share, significantly increasing its dividend payout, which represents an annual yield of 2.4%.

CHICAGO TRUST Co NA reduced its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 44.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,769 shares of the pipeline company's stock after selling 2,180 shares during the quarter. CHICAGO TRUST Co NA's holdings in Targa Resources were worth $482,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Cornerstone Planning Group LLC grew its stake in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $26,000 after buying an additional 110 shares during the period. Ameriflex Group Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at $31,000. Mascagni Wealth Management Inc. purchased a new position in shares of Targa Resources in the fourth quarter valued at $32,000. Copia Wealth Management purchased a new position in shares of Targa Resources in the fourth quarter valued at $37,000. Finally, Disciplina Capital Management LLC purchased a new position in shares of Targa Resources in the first quarter valued at $46,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. TD Securities assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating for the company. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday. Wells Fargo & Company restated an "overweight" rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. BMO Capital Markets assumed coverage on shares of Targa Resources in a research note on Friday, September 19th. They issued an "outperform" rating and a $185.00 target price for the company. Finally, TD Cowen assumed coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $207.27.

Targa Resources Trading Up 2.9%

TRGP opened at $170.03 on Wednesday. The stock has a market capitalization of $36.59 billion, a PE ratio of 24.05, a P/E/G ratio of 0.98 and a beta of 1.21. The firm's fifty day moving average price is $165.05 and its 200 day moving average price is $170.23. 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, Inc. has a 12-month low of $144.30 and a 12-month high of $218.51.

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

Targa Resources Increases Dividend

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

Targa Resources Company 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.

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