Parallel Advisors LLC Sells 189 Shares of Targa Resources, Inc. $TRGP

Parallel Advisors LLC reduced its stake in Targa Resources, Inc. (NYSE:TRGP) by 3.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,835 shares of the pipeline company’s stock after selling 189 shares during the period. Parallel Advisors LLC’s holdings in Targa Resources were worth $842,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Snowden Capital Advisors LLC grew its stake in Targa Resources by 2.0% in the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock worth $473,000 after acquiring an additional 53 shares in the last quarter. Ritholtz Wealth Management grew its holdings in Targa Resources by 1.3% in the first quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock worth $991,000 after purchasing an additional 62 shares during the last quarter. Stratos Wealth Advisors LLC increased its position in shares of Targa Resources by 3.6% during the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock worth $356,000 after purchasing an additional 62 shares in the last quarter. Curated Wealth Partners LLC lifted its holdings in shares of Targa Resources by 2.2% during the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock valued at $670,000 after purchasing an additional 73 shares during the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in shares of Targa Resources by 1.8% during the 1st quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company’s stock valued at $855,000 after purchasing an additional 74 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Trading Up 2.2%

NYSE TRGP opened at $170.22 on Friday. The company has a fifty day simple moving average of $165.33 and a two-hundred day simple moving average of $170.72. The stock has a market cap of $36.63 billion, a P/E ratio of 24.08, a P/E/G ratio of 1.02 and a beta of 1.20. Targa Resources, Inc. has a 12-month low of $144.30 and a 12-month high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. The business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources’s dividend payout ratio is 56.58%.

Analyst Ratings Changes

Several analysts have recently commented on the company. Wells Fargo & Company reiterated an “overweight” rating and set a $205.00 price objective (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Wall Street Zen lowered Targa Resources from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. Barclays increased their price objective on Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Finally, JPMorgan Chase & Co. increased their price objective on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $208.86.

Targa Resources Company 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.