Targa Resources, Inc. $TRGP Shares Sold by Cwm LLC

Key Points

• Cwm LLC reduced its stake in Targa Resources by 40.7%, selling 3,445 shares, leaving its ownership at 5,010 shares valued at $872,000 according to the latest SEC filing.
• Several institutional investors, including Cornerstone Planning Group LLC, have increased their holdings in Targa Resources significantly, indicating strong interest from institutional investors, who now own 92.13% of the stock.
• Targa Resources reported earnings of $2.87 per share, exceeding expectations, and is set to pay a quarterly dividend of $1.00 per share, reflecting a yield of 2.6% and a dividend payout ratio of 56.58%.

Cwm LLC lessened its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 40.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,010 shares of the pipeline company's stock after selling 3,445 shares during the period. Cwm LLC's holdings in Targa Resources were worth $872,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Cornerstone Planning Group LLC grew its holdings in Targa Resources by 578.9% in the first 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 acquired a new stake in Targa Resources in the first quarter valued at $46,000. Olde Wealth Management LLC acquired a new stake in Targa Resources in the first quarter valued at $52,000. Hilltop National Bank acquired a new stake in Targa Resources in the second quarter valued at $63,000. Finally, Wolff Wiese Magana LLC grew its holdings in Targa Resources by 61.0% in the second quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company's stock valued at $84,000 after purchasing an additional 183 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TRGP. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. Weiss Ratings reissued a "buy (b-)" rating on shares of Targa Resources in a report on Wednesday, October 8th. Mizuho reduced 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. Wells Fargo & Company restated an "overweight" rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. 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 MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $209.50.

Targa Resources Stock Performance

NYSE TRGP opened at $154.47 on Thursday. The business's 50-day moving average price is $162.66 and its 200 day moving average price is $165.61. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $218.51. The company has a market capitalization of $33.24 billion, a PE ratio of 21.85, a price-to-earnings-growth ratio of 0.91 and a beta of 1.12. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP - Get Free Report) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. On average, research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

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

Targa Resources 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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