TFG Advisers LLC Cuts Position in Targa Resources, Inc. $TRGP

TFG Advisers LLC reduced its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 1.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,216 shares of the pipeline company’s stock after selling 148 shares during the quarter. TFG Advisers LLC’s holdings in Targa Resources were worth $1,778,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Cornerstone Planning Group LLC boosted its holdings in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after acquiring an additional 110 shares during the period. Disciplina Capital Management LLC acquired a new position in shares of Targa Resources during the first quarter worth $46,000. Olde Wealth Management LLC acquired a new stake in Targa Resources during the 1st quarter valued at $52,000. ST Germain D J Co. Inc. acquired a new stake in Targa Resources during the 1st quarter valued at $60,000. Finally, Wolff Wiese Magana LLC increased its stake in Targa Resources by 376.2% during the 1st quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock worth $60,000 after buying an additional 237 shares during the period. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on TRGP shares. Royal Bank Of Canada raised their target price on Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research note on Tuesday, August 12th. Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a report on Friday, August 8th. Cfra Research upgraded Targa Resources to a “hold” rating in a research note on Friday, August 8th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Finally, TD Cowen initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 price target for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $207.27.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $168.10 on Thursday. The company has a market capitalization of $36.17 billion, a price-to-earnings ratio of 23.78, a price-to-earnings-growth ratio of 0.99 and a beta of 1.12. The business has a 50 day simple moving average of $165.61 and a 200-day simple moving average of $169.78. 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, Inc. has a twelve month low of $150.00 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its 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 firm had revenue of $4.26 billion for 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%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend was Thursday, July 31st. This is a positive change from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s dividend payout ratio (DPR) is presently 56.58%.

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.