Targa Resources, Inc. (NYSE:TRGP) Shares Sold by Whittier Trust Co. of Nevada Inc.

Whittier Trust Co. of Nevada Inc. lowered its holdings in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 26.3% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 103,321 shares of the pipeline company's stock after selling 36,929 shares during the quarter. Whittier Trust Co. of Nevada Inc.'s holdings in Targa Resources were worth $20,713,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in TRGP. Vanguard Group Inc. grew its stake in Targa Resources by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 27,160,608 shares of the pipeline company's stock worth $4,848,169,000 after buying an additional 150,038 shares during the last quarter. Geode Capital Management LLC grew its stake in Targa Resources by 3.7% during the 4th quarter. Geode Capital Management LLC now owns 5,930,473 shares of the pipeline company's stock worth $1,056,187,000 after buying an additional 212,986 shares during the last quarter. Norges Bank purchased a new position in Targa Resources during the 4th quarter worth approximately $505,132,000. Price T Rowe Associates Inc. MD grew its stake in Targa Resources by 2.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,756,419 shares of the pipeline company's stock worth $492,022,000 after buying an additional 53,853 shares during the last quarter. Finally, GQG Partners LLC purchased a new position in Targa Resources during the 4th quarter worth approximately $393,335,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. The Goldman Sachs Group reduced their price target on Targa Resources from $218.00 to $194.00 and set a "buy" rating for the company in a report on Monday, May 5th. Citigroup reduced their price target on Targa Resources from $227.00 to $197.00 and set a "buy" rating for the company in a report on Friday, May 9th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a report on Tuesday. Mizuho set a $212.00 price target on Targa Resources and gave the company an "outperform" rating in a report on Tuesday, May 20th. Finally, TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $209.86.

Targa Resources Price Performance

Targa Resources stock traded up $0.62 during mid-day trading on Thursday, hitting $166.61. 1,451,656 shares of the company were exchanged, compared to its average volume of 1,841,887. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. The business's 50 day simple moving average is $167.22 and its two-hundred day simple moving average is $181.83. The company has a market capitalization of $36.14 billion, a P/E ratio of 30.68, a PEG ratio of 0.60 and a beta of 1.07. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51.

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

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $1.00 dividend. The ex-dividend date is Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.40%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is currently 73.66%.

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.