Targa Resources, Inc. $TRGP Shares Sold by Whittier Trust Co. of Nevada Inc.

Key Points

• Whittier Trust Co. of Nevada Inc. reduced its holdings in Targa Resources by 10.3%, selling 10,640 shares, leaving it with 92,681 shares valued at approximately $16.1 million.
• Targa Resources reported $2.87 EPS for the quarter, exceeding analysts' expectations of $1.95, and showed a return on equity of 43.35%.
• The company announced a quarterly dividend of $1.00 per share, with a payout ratio of 56.58% and an annualized yield of 2.6% for shareholders of record as of October 31st.

Whittier Trust Co. of Nevada Inc. cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 10.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 92,681 shares of the pipeline company's stock after selling 10,640 shares during the period. Whittier Trust Co. of Nevada Inc.'s holdings in Targa Resources were worth $16,134,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. DekaBank Deutsche Girozentrale grew its stake in shares of Targa Resources by 13.2% during the second quarter. DekaBank Deutsche Girozentrale now owns 71,038 shares of the pipeline company's stock valued at $12,434,000 after acquiring an additional 8,294 shares in the last quarter. Mezzasalma Advisors LLC grew its stake in shares of Targa Resources by 1.7% during the second quarter. Mezzasalma Advisors LLC now owns 20,144 shares of the pipeline company's stock valued at $3,507,000 after acquiring an additional 343 shares in the last quarter. Chicago Partners Investment Group LLC grew its stake in shares of Targa Resources by 0.7% during the second quarter. Chicago Partners Investment Group LLC now owns 45,592 shares of the pipeline company's stock valued at $7,519,000 after acquiring an additional 300 shares in the last quarter. Stratos Wealth Partners LTD. grew its stake in shares of Targa Resources by 39.2% during the second quarter. Stratos Wealth Partners LTD. now owns 4,982 shares of the pipeline company's stock valued at $867,000 after acquiring an additional 1,404 shares in the last quarter. Finally, Stratos Wealth Advisors LLC grew its stake in shares of Targa Resources by 28.4% during the second quarter. Stratos Wealth Advisors LLC now owns 2,280 shares of the pipeline company's stock valued at $397,000 after acquiring an additional 504 shares in the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 1.5%

NYSE:TRGP opened at $150.96 on Tuesday. The company has a market capitalization of $32.49 billion, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 0.89 and a beta of 1.12. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The stock has a 50-day simple moving average of $163.24 and a 200 day simple moving average of $165.79. 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 posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The business had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on TRGP shares. Scotiabank restated an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research note on Sunday, September 21st. Wells Fargo & Company restated 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. BMO Capital Markets assumed coverage on Targa Resources in a research note on Friday, September 19th. They issued an "outperform" rating and a $185.00 price target for the company. Finally, Barclays lifted their price target on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One investment 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $209.50.

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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