Ethic Inc. Trims Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Ethic Inc. reduced its ownership in Targa Resources by 18.5% during the second quarter, bringing its shareholdings to 40,160 shares valued at approximately $7 million.
• Targa Resources reported $2.87 earnings per share for the quarter, exceeding analysts' expectations, although its revenue was lower than forecasted at $4.26 billion.
• The company announced a quarterly dividend of $1.00 per share, resulting in an annualized dividend yield of 2.6%, with the payout ratio at 56.58%.

Ethic Inc. cut its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 18.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,160 shares of the pipeline company's stock after selling 9,096 shares during the period. Ethic Inc.'s holdings in Targa Resources were worth $7,003,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Cornerstone Planning Group LLC raised 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 purchasing an additional 110 shares during the period. Disciplina Capital Management LLC purchased a new position in Targa Resources during the first quarter worth about $46,000. Olde Wealth Management LLC purchased a new position in Targa Resources during the first quarter worth about $52,000. Hilltop National Bank purchased a new position in Targa Resources during the second quarter worth about $63,000. Finally, Private Trust Co. NA raised its stake in Targa Resources by 57.1% during the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company's stock worth $83,000 after purchasing an additional 173 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 2.0%

Shares of TRGP stock opened at $154.47 on Thursday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The stock has a market capitalization of $33.24 billion, a P/E ratio of 21.85, a price-to-earnings-growth ratio of 0.91 and a beta of 1.12. The company has a 50 day moving average price of $162.66 and a 200 day moving average price of $165.61. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during 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%. Equities research analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be issued a $1.00 dividend. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources's payout ratio is 56.58%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on TRGP shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Barclays boosted their price target on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. BMO Capital Markets started coverage on shares of Targa Resources in a research note on Friday, September 19th. They issued an "outperform" rating and a $185.00 price target on the stock. Finally, TD Securities started coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Targa Resources has a consensus rating of "Moderate Buy" and an average price target of $209.50.

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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