Childress Capital Advisors LLC Has $838,000 Stock Holdings in Targa Resources, Inc. $TRGP

Key Points

• Childress Capital Advisors LLC significantly reduced its holdings in Targa Resources, Inc. by 72.4% during the second quarter, ending with shares valued at approximately $838,000.
• Targa Resources recently increased its quarterly dividend to $1.00 per share, representing an annualized dividend of $4.00 and a yield of 2.4%.
• The company reported a net margin of 8.99% and earnings of $2.87 per share for the last quarter, exceeding analyst estimates.

Childress Capital Advisors LLC decreased its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 72.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,812 shares of the pipeline company's stock after selling 12,632 shares during the quarter. Childress Capital Advisors LLC's holdings in Targa Resources were worth $838,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Cornerstone Planning Group LLC lifted its holdings in Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Disciplina Capital Management LLC bought a new position in Targa Resources during the 1st quarter worth $46,000. Olde Wealth Management LLC bought a new position in Targa Resources during the 1st quarter worth $52,000. ST Germain D J Co. Inc. bought a new position in Targa Resources during the 1st quarter worth $60,000. Finally, Wolff Wiese Magana LLC increased its position in Targa Resources by 376.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company's stock worth $60,000 after buying an additional 237 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 1.0%

Shares of NYSE TRGP opened at $167.33 on Wednesday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a 52 week low of $146.55 and a 52 week high of $218.51. The stock has a market capitalization of $36.01 billion, a P/E ratio of 23.67, a PEG ratio of 1.00 and a beta of 1.20. The stock's fifty day moving average is $165.55 and its 200 day moving average is $169.79.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping 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 company had revenue of $4.26 billion for the quarter, compared to analysts' expectations of $4.82 billion. Sell-side analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share 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 given a $1.00 dividend. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is presently 56.58%.

Analyst Ratings Changes

Several research firms have weighed in on TRGP. Cfra Research upgraded Targa Resources to a "hold" rating in a research report on Friday, August 8th. Mizuho lowered their price objective on Targa Resources from $212.00 to $207.00 and set an "outperform" rating on the stock in a research report on Friday, August 29th. TD Securities began coverage on Targa Resources in a research report on Monday, July 7th. They set a "hold" rating on the stock. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, Targa Resources has an average rating of "Moderate Buy" and a consensus target price of $207.27.

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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