Chicago Partners Investment Group LLC Has $10.25 Million Stake in Targa Resources, Inc. $TRGP

Chicago Partners Investment Group LLC lowered its holdings in Targa Resources, Inc. (NYSE:TRGP) by 4.1% in the first quarter, HoldingsChannel.com reports. The firm owned 43,314 shares of the pipeline company’s stock after selling 1,862 shares during the quarter. Chicago Partners Investment Group LLC’s holdings in Targa Resources were worth $10,254,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Olistico Wealth LLC acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Atlantic Union Bankshares Corp bought a new stake in shares of Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. acquired a new stake in Targa Resources during the fourth quarter worth approximately $30,000. Leonteq Securities AG acquired a new stake in Targa Resources during the fourth quarter worth approximately $31,000. Finally, Godfrey Financial Associates Inc. bought a new position in Targa Resources during the 4th quarter worth $37,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Analyst Ratings Changes

TRGP has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on Targa Resources from $264.00 to $270.00 and gave the company an “overweight” rating in a research report on Friday, May 8th. Stifel Nicolaus set a $268.00 target price on Targa Resources in a report on Friday, May 8th. Weiss Ratings restated a “buy (b)” rating on shares of Targa Resources in a research report on Thursday, July 2nd. Barclays boosted their price target on Targa Resources from $262.00 to $270.00 and gave the company an “overweight” rating in a research note on Tuesday, June 23rd. Finally, The Goldman Sachs Group upped their price objective on shares of Targa Resources from $242.00 to $268.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Seventeen research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $281.93.

Targa Resources Stock Down 0.0%

Shares of TRGP opened at $273.24 on Monday. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $280.00. The company has a market cap of $58.65 billion, a P/E ratio of 27.63, a P/E/G ratio of 1.40 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a 50 day simple moving average of $265.16 and a two-hundred day simple moving average of $235.55.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.68 billion. Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. Research analysts forecast that Targa Resources, Inc. will post 10.75 EPS for the current fiscal year.

Targa Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were given a dividend of $1.25 per share. The ex-dividend date was Thursday, April 30th. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. This is an increase from Targa Resources’s previous quarterly dividend of $1.00. Targa Resources’s dividend payout ratio is currently 50.56%.

Insider Buying and Selling at Targa Resources

In related news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the sale, the director directly owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.37% of the stock is currently owned by corporate insiders.

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.