Chicago Partners Investment Group LLC Sells 1,862 Shares of Targa Resources, Inc. $TRGP

Chicago Partners Investment Group LLC cut its position in Targa Resources, Inc. (NYSE:TRGP) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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 SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Hardy Reed LLC lifted its stake in Targa Resources by 1.0% in the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after acquiring an additional 41 shares during the last quarter. Hantz Financial Services Inc. grew its position in shares of Targa Resources by 10.5% in the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after acquiring an additional 50 shares during the period. Steward Partners Investment Advisory LLC increased its stake in shares of Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock worth $1,376,000 after purchasing an additional 51 shares during the last quarter. First Horizon Corp increased its stake in shares of Targa Resources by 20.1% during the 4th quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock worth $63,000 after purchasing an additional 57 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in Targa Resources by 4.1% in the 3rd quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after purchasing an additional 60 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of Targa Resources stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total transaction of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares of the company’s stock, valued at approximately $17,019,292.32. This trade represents a 13.75% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 1.37% of the company’s stock.

Targa Resources Stock Down 0.0%

Shares of TRGP opened at $273.24 on Monday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $280.00. The firm has a market cap of $58.65 billion, a P/E ratio of 27.63, a price-to-earnings-growth ratio of 1.40 and a beta of 0.71. The firm’s 50-day simple moving average is $265.16 and its 200 day simple moving average is $235.55. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

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

Targa Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on TRGP shares. Erste Group Bank began coverage on Targa Resources in a research report on Thursday, June 25th. They set a “buy” rating on the stock. US Capital Advisors cut Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Jefferies Financial Group began coverage on Targa Resources in a research note on Thursday, June 18th. They set a “buy” rating and a $314.00 target price for the company. Scotiabank boosted their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. increased their price target on Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday. Seventeen equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and a consensus price target of $281.93.

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.