Targa Resources, Inc. (NYSE:TRGP) Shares Sold by Burling Wealth Partners LLC

Burling Wealth Partners LLC trimmed its holdings in Targa Resources, Inc. (NYSE:TRGP) by 3.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,243 shares of the pipeline company’s stock after selling 91 shares during the quarter. Burling Wealth Partners LLC’s holdings in Targa Resources were worth $450,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Cornerstone Planning Group LLC lifted its stake in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after buying an additional 110 shares in the last quarter. Colonial Trust Co SC lifted its stake in Targa Resources by 5,400.0% during the fourth quarter. Colonial Trust Co SC now owns 165 shares of the pipeline company’s stock valued at $29,000 after buying an additional 162 shares in the last quarter. Cary Street Partners Financial LLC purchased a new stake in Targa Resources during the fourth quarter valued at about $31,000. Ameriflex Group Inc. purchased a new stake in Targa Resources during the fourth quarter valued at about $31,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in Targa Resources during the fourth quarter valued at about $32,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Targa Resources Trading Up 0.4%

Shares of Targa Resources stock opened at $166.61 on Friday. The company’s fifty day simple moving average is $167.35 and its 200-day simple moving average is $181.76. The company has a market cap of $36.14 billion, a price-to-earnings ratio of 30.68, a PEG ratio of 0.59 and a beta of 1.07. 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 1 year low of $122.56 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($1.13). The company had revenue of $4.56 billion during the quarter, compared to analyst estimates of $5.01 billion. Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. As a group, sell-side analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Increases Dividend

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

Analyst Ratings Changes

A number of research firms have recently issued reports on TRGP. Royal Bank Of Canada reissued an “outperform” rating and issued a $205.00 price target on shares of Targa Resources in a research report on Tuesday. The Goldman Sachs Group reduced their price target on shares of Targa Resources from $218.00 to $194.00 and set a “buy” rating for the company in a research report on Monday, May 5th. Citigroup reduced their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research report on Friday, May 9th. TD Cowen began coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating and a $192.00 price target for the company. Finally, US Capital Advisors raised shares of Targa Resources from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 7th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $209.86.

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.