Paragon Private Wealth Management LLC Sells 2,960 Shares of Targa Resources, Inc. $TRGP

Paragon Private Wealth Management LLC reduced its position in Targa Resources, Inc. (NYSE:TRGP) by 49.1% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 3,074 shares of the pipeline company’s stock after selling 2,960 shares during the period. Paragon Private Wealth Management LLC’s holdings in Targa Resources were worth $824,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Woodline Partners LP boosted its stake in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after acquiring an additional 5,327 shares during the period. Focus Partners Wealth raised its stake in Targa Resources by 157.4% in the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. raised its stake in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after acquiring an additional 219 shares during the period. Brown Advisory Inc. lifted its holdings in Targa Resources by 13.1% during the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after purchasing an additional 524 shares during the last quarter. Finally, Cerity Partners LLC lifted its holdings in Targa Resources by 11.0% during the 2nd quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock valued at $5,550,000 after purchasing an additional 3,163 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. US Capital Advisors downgraded shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Royal Bank Of Canada raised their target price on shares of Targa Resources from $312.00 to $338.00 and gave the stock an “outperform” rating in a research note on Thursday, August 27th. Barclays upped their price target on shares of Targa Resources from $282.00 to $284.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a report on Friday, August 7th. Finally, Jefferies Financial Group boosted their price objective on Targa Resources from $324.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Targa Resources presently has an average rating of “Buy” and a consensus target price of $301.18.

Targa Resources Price Performance

NYSE:TRGP opened at $293.44 on Thursday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $307.94. The firm has a market cap of $62.92 billion, a price-to-earnings ratio of 28.05, a P/E/G ratio of 1.41 and a beta of 0.72. The firm’s 50-day simple moving average is $276.76 and its 200 day simple moving average is $258.98. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. As a group, sell-side analysts predict that Targa Resources, Inc. will post 11.23 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were paid a $1.25 dividend. This represents a $5.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s payout ratio is 47.80%.

Insider Activity at Targa Resources

In other Targa Resources news, Director Charles R. Crisp sold 3,000 shares of Targa Resources stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $290.23, for a total value of $870,690.00. Following the completion of the transaction, the director directly owned 62,292 shares of the company’s stock, valued at $18,079,007.16. The trade was a 4.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Waters S. Iv Davis sold 2,400 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $299.67, for a total value of $719,208.00. Following the sale, the director directly owned 1,529 shares in the company, valued at approximately $458,195.43. This trade represents a 61.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.37% of the company’s stock.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.