Chapin Davis Inc. Raises Holdings in Targa Resources Corp. (NYSE:TRGP)

Chapin Davis Inc. grew its position in Targa Resources Corp. (NYSE:TRGP) by 1,235.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 33,011 shares of the pipeline company’s stock after buying an additional 30,540 shares during the period. Targa Resources accounts for about 1.6% of Chapin Davis Inc.’s portfolio, making the stock its 12th largest position. Chapin Davis Inc.’s holdings in Targa Resources were worth $4,886,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Strategic Investment Solutions Inc. IL acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $29,000. UMB Bank n.a. increased its stake in Targa Resources by 2,220.0% during the 2nd quarter. UMB Bank n.a. now owns 232 shares of the pipeline company’s stock worth $30,000 after buying an additional 222 shares in the last quarter. Whittier Trust Co. acquired a new stake in Targa Resources during the 2nd quarter worth $44,000. Register Financial Advisors LLC acquired a new stake in Targa Resources in the 1st quarter valued at about $45,000. Finally, Rogco LP purchased a new position in shares of Targa Resources during the 1st quarter worth $56,000. 92.13% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on TRGP. Wells Fargo & Company increased their price target on Targa Resources from $124.00 to $153.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Royal Bank of Canada raised their price objective on shares of Targa Resources from $147.00 to $153.00 and gave the company an “outperform” rating in a report on Tuesday, August 13th. Morgan Stanley upped their price target on Targa Resources from $134.00 to $140.00 and gave the company an “overweight” rating in a report on Monday, June 10th. The Goldman Sachs Group lifted their target price on Targa Resources from $147.00 to $163.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. Finally, Barclays increased their price target on shares of Targa Resources from $123.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 3rd. Twelve research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $141.77.

Insider Buying and Selling at Targa Resources

In other news, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The shares were sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the completion of the transaction, the director now directly owns 110,470 shares of the company’s stock, valued at $17,181,399.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CAO Julie H. Boushka sold 1,213 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $132.02, for a total value of $160,140.26. Following the completion of the transaction, the chief accounting officer now owns 52,257 shares of the company’s stock, valued at $6,898,969.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Joe Bob Perkins sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 24th. The stock was sold at an average price of $155.53, for a total transaction of $23,329,500.00. Following the sale, the director now owns 110,470 shares in the company, valued at approximately $17,181,399.10. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 175,534 shares of company stock worth $26,815,021. 1.39% of the stock is owned by corporate insiders.

Targa Resources Stock Up 0.1 %

TRGP stock opened at $158.11 on Tuesday. The company has a current ratio of 0.65, a quick ratio of 0.53 and a debt-to-equity ratio of 2.98. The company’s 50-day moving average price is $144.63 and its 200 day moving average price is $128.86. Targa Resources Corp. has a 52 week low of $81.03 and a 52 week high of $159.72. The company has a market cap of $35.06 billion, a P/E ratio of 32.53, a P/E/G ratio of 1.21 and a beta of 2.25.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $1.33 EPS for the quarter, topping the consensus estimate of $1.21 by $0.12. The business had revenue of $3.56 billion for the quarter, compared to analyst estimates of $4.33 billion. Targa Resources had a return on equity of 23.98% and a net margin of 6.60%. During the same quarter in the previous year, the company earned $1.44 EPS. On average, research analysts expect that Targa Resources Corp. will post 5.88 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were given a $0.75 dividend. The ex-dividend date was Wednesday, July 31st. This represents a $3.00 annualized dividend and a dividend yield of 1.90%. Targa Resources’s dividend payout ratio is presently 61.73%.

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.