Targa Resources, Inc. $TRGP Shares Sold by Patton Fund Management Inc.

Key Points

• Patton Fund Management Inc. reduced its stake in Targa Resources by 92.2% in Q2, selling 18,097 shares and now holding just 1,532 shares worth $267,000.
• Several hedge funds increased their holdings in Targa Resources, with Wealth Enhancement Advisory Services LLC raising its stake by 134.1% in the fourth quarter.
• Analysts have a consensus rating of "Moderate Buy" for Targa Resources, with an average price target of $207.27, and earnings per share for the current fiscal year is anticipated at 8.15.

Patton Fund Management Inc. cut its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 92.2% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,532 shares of the pipeline company's stock after selling 18,097 shares during the quarter. Patton Fund Management Inc.'s holdings in Targa Resources were worth $267,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of TRGP. Wealth Enhancement Advisory Services LLC increased its stake in shares of Targa Resources by 134.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 31,299 shares of the pipeline company's stock worth $5,587,000 after acquiring an additional 17,928 shares during the last quarter. Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources in the 4th quarter worth $32,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Targa Resources by 27.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the pipeline company's stock worth $231,000 after purchasing an additional 245 shares during the period. Versant Capital Management Inc grew its holdings in shares of Targa Resources by 43.4% during the 1st quarter. Versant Capital Management Inc now owns 1,173 shares of the pipeline company's stock worth $235,000 after purchasing an additional 355 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Targa Resources by 22,699.0% during the 1st quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock worth $186,112,000 after purchasing an additional 924,305 shares during the period. 92.13% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price target for the company. Royal Bank Of Canada increased their price target on Targa Resources from $205.00 to $208.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. BMO Capital Markets assumed coverage on Targa Resources in a report on Friday, September 19th. They set an "outperform" rating and a $185.00 price target for the company. JPMorgan Chase & Co. increased their price target on Targa Resources from $189.00 to $209.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Scotiabank restated an "outperform" rating on shares of Targa Resources in a report on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $207.27.

Targa Resources Price Performance

TRGP stock opened at $174.36 on Friday. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm has a market capitalization of $37.52 billion, a P/E ratio of 24.66, a P/E/G ratio of 1.03 and a beta of 1.20. The business's 50-day moving average is $165.34 and its two-hundred day moving average is $170.04. Targa Resources, Inc. has a 1 year low of $144.30 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a dividend of $1.00 per share. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. This is a boost from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's dividend payout ratio (DPR) is 56.58%.

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.

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