Prospera Financial Services Inc Sells 4,343 Shares of Targa Resources, Inc. $TRGP

Prospera Financial Services Inc trimmed its position in Targa Resources, Inc. (NYSE:TRGP) by 39.7% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,604 shares of the pipeline company’s stock after selling 4,343 shares during the period. Prospera Financial Services Inc’s holdings in Targa Resources were worth $1,150,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Disciplina Capital Management LLC purchased a new position in Targa Resources in the first quarter worth $46,000. Hilltop National Bank purchased a new position in Targa Resources in the 2nd quarter worth approximately $63,000. Private Trust Co. NA increased its stake in shares of Targa Resources by 57.1% in the second quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock worth $83,000 after buying an additional 173 shares during the period. Wolff Wiese Magana LLC raised its stake in shares of Targa Resources by 61.0% during the second quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock valued at $84,000 after acquiring an additional 183 shares during the last quarter. Finally, Atwood & Palmer Inc. raised its position in Targa Resources by 538.9% during the 2nd quarter. Atwood & Palmer Inc. now owns 575 shares of the pipeline company’s stock valued at $100,000 after purchasing an additional 485 shares during the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 1.6%

Shares of NYSE:TRGP opened at $170.47 on Thursday. The stock has a 50 day moving average of $161.48 and a 200 day moving average of $164.62. The company has a market cap of $36.59 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16. Targa Resources, Inc. has a 12-month low of $144.14 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 issued its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing the consensus estimate of $2.22 by ($0.02). The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Targa Resources’s dividend payout ratio (DPR) is currently 53.19%.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on TRGP shares. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Royal Bank Of Canada increased their target price on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. BMO Capital Markets raised their price target on shares of Targa Resources from $185.00 to $196.00 and gave the company an “outperform” rating in a research report on Thursday, November 6th. Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research note on Tuesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average price target of $210.71.

Targa Resources 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.