Patton Fund Management Inc. Sells 5,804 Shares of Targa Resources, Inc. (NYSE:TRGP)

Patton Fund Management Inc. lessened its position in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 22.8% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 19,629 shares of the pipeline company's stock after selling 5,804 shares during the period. Patton Fund Management Inc.'s holdings in Targa Resources were worth $3,935,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Inscription Capital LLC acquired a new position in Targa Resources during the 1st quarter valued at about $4,681,000. QRG Capital Management Inc. raised its holdings in shares of Targa Resources by 8.4% during the first quarter. QRG Capital Management Inc. now owns 9,224 shares of the pipeline company's stock valued at $1,849,000 after buying an additional 712 shares during the last quarter. Sagespring Wealth Partners LLC boosted its position in shares of Targa Resources by 18.4% during the first quarter. Sagespring Wealth Partners LLC now owns 3,132 shares of the pipeline company's stock worth $628,000 after buying an additional 486 shares during the period. Great Lakes Retirement Inc. boosted its position in shares of Targa Resources by 216.8% during the first quarter. Great Lakes Retirement Inc. now owns 11,140 shares of the pipeline company's stock worth $2,233,000 after buying an additional 7,624 shares during the period. Finally, Brown Miller Wealth Management LLC bought a new position in Targa Resources in the 1st quarter worth approximately $386,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Down 0.2%

NYSE TRGP traded down $0.30 during trading on Wednesday, reaching $169.35. 1,677,651 shares of the company's stock were exchanged, compared to its average volume of 1,839,809. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a fifty-two week low of $122.56 and a fifty-two week high of $218.51. The company's fifty day simple moving average is $166.10 and its 200-day simple moving average is $183.72. The firm has a market capitalization of $36.74 billion, a PE ratio of 31.19, a P/E/G ratio of 0.59 and a beta of 1.07.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The company had revenue of $4.56 billion during the quarter, compared to analysts' expectations of $5.01 billion. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Dividend Announcement

The business also recently announced a dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 1st were paid a dividend of $1.00 per share. This represents a dividend yield of 2.34%. The ex-dividend date was Wednesday, April 30th. Targa Resources's dividend payout ratio (DPR) is currently 73.66%.

Wall Street Analysts Forecast Growth

TRGP has been the topic of several recent analyst reports. The Goldman Sachs Group cut their target price on Targa Resources from $218.00 to $194.00 and set a "buy" rating on the stock in a research note on Monday, May 5th. Truist Financial upped their price objective on shares of Targa Resources from $220.00 to $235.00 and gave the stock a "buy" rating in a report on Tuesday, March 18th. Royal Bank Of Canada lowered their target price on shares of Targa Resources from $199.00 to $191.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Wells Fargo & Company upped their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. Finally, Mizuho set a $212.00 price objective on shares of Targa Resources and gave the company an "outperform" rating in a research note on Tuesday, May 20th. Thirteen analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $199.07.

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.