Chickasaw Capital Management LLC Cuts Position in Targa Resources Corp. (NYSE:TRGP)

Chickasaw Capital Management LLC decreased its holdings in shares of Targa Resources Corp. (NYSE:TRGP - Free Report) by 1.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,773,342 shares of the pipeline company's stock after selling 24,415 shares during the period. Targa Resources makes up about 13.7% of Chickasaw Capital Management LLC's holdings, making the stock its biggest position. Chickasaw Capital Management LLC owned approximately 0.82% of Targa Resources worth $355,502,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Colonial Trust Co SC grew its position in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company's stock worth $29,000 after buying an additional 162 shares during the period. Atala Financial Inc acquired a new stake in Targa Resources in the fourth quarter valued at $31,000. Cary Street Partners Financial LLC purchased a new position in shares of Targa Resources in the fourth quarter valued at $31,000. Ameriflex Group Inc. purchased a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. Finally, Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources during the fourth quarter valued at $32,000. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TRGP has been the subject of a number of recent analyst reports. The Goldman Sachs Group lowered their target price 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. Royal Bank of Canada lowered their price target on Targa Resources from $199.00 to $191.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. US Capital Advisors raised shares of Targa Resources from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 7th. Mizuho set a $212.00 price target on Targa Resources and gave the company an "outperform" rating in a report on Tuesday, May 20th. Finally, Scotiabank boosted their price objective on Targa Resources from $193.00 to $197.00 and gave the stock a "sector outperform" rating in a research note on Thursday. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $199.07.

Targa Resources Stock Up 2.0%

Shares of NYSE:TRGP traded up $3.21 during midday trading on Thursday, reaching $163.89. The company had a trading volume of 1,885,465 shares, compared to its average volume of 1,818,761. The stock has a market capitalization of $35.55 billion, a P/E ratio of 28.55, a PEG ratio of 0.61 and a beta of 1.22. The stock's fifty day moving average price is $168.02 and its 200-day moving average price is $186.03. The company has a debt-to-equity ratio of 3.05, a current ratio of 0.77 and a quick ratio of 0.61. Targa Resources Corp. has a one year low of $115.82 and a one year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a return on equity of 28.67% and a net margin of 7.81%. Equities research analysts expect that Targa Resources Corp. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

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

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.