Pallas Capital Advisors LLC Sells 2,178 Shares of Targa Resources, Inc. $TRGP

Key Points

• Pallas Capital Advisors LLC reduced its stock position in Targa Resources by 9.2% in the second quarter, selling 2,178 shares and holding 21,385 shares valued at approximately $3.72 million.
• Analysts have mixed ratings for Targa Resources, with JPMorgan raising its target price to $209 and maintaining an "overweight" rating, while Wall Street Zen downgraded the stock from "buy" to "hold."
• Targa Resources recently increased its quarterly dividend to $1.00 per share, leading to an annualized dividend yield of 2.5%, up from the previous quarterly dividend of $0.12.

Pallas Capital Advisors LLC cut its stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 9.2% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 21,385 shares of the pipeline company's stock after selling 2,178 shares during the period. Pallas Capital Advisors LLC's holdings in Targa Resources were worth $3,723,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Snowden Capital Advisors LLC lifted its position in Targa Resources by 2.0% during the fourth quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company's stock worth $473,000 after acquiring an additional 53 shares during the last quarter. Ritholtz Wealth Management raised its position in Targa Resources by 1.3% during the first 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 in the last quarter. Stratos Wealth Advisors LLC increased its holdings in shares of Targa Resources by 3.6% during the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company's stock worth $356,000 after buying an additional 62 shares in the last quarter. Curated Wealth Partners LLC increased its holdings in shares of Targa Resources by 2.2% during the first quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company's stock worth $670,000 after buying an additional 73 shares in the last quarter. Finally, D.A. Davidson & CO. increased its holdings in shares of Targa Resources by 1.8% during the first quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company's stock worth $855,000 after buying an additional 74 shares in the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 3.4%

NYSE:TRGP traded down $5.73 on Friday, hitting $164.39. The stock had a trading volume of 3,499,316 shares, compared to its average volume of 1,249,636. The firm's fifty day simple moving average is $165.18 and its two-hundred day simple moving average is $170.54. The stock has a market cap of $35.38 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.01 and a beta of 1.20. Targa Resources, Inc. has a 1 year low of $144.30 and a 1 year high of $218.51. 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 (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. Analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on TRGP shares. BMO Capital Markets started coverage on shares of Targa Resources in a report on Friday. They set an "outperform" rating and a $185.00 price target for the company. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Wall Street Zen cut shares of Targa Resources from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price objective on the stock. Finally, Cfra Research raised shares of Targa Resources to a "hold" rating in a research note on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued 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 price target of $207.27.

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.