Atwood & Palmer Inc. Buys 485 Shares of Targa Resources, Inc. $TRGP

Atwood & Palmer Inc. boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 538.9% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 575 shares of the pipeline company’s stock after acquiring an additional 485 shares during the period. Atwood & Palmer Inc.’s holdings in Targa Resources were worth $100,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Peak Financial Advisors LLC bought a new stake in Targa Resources in the second quarter worth about $414,000. AG2R LA Mondiale Gestion D Actifs bought a new stake in Targa Resources in the first quarter worth about $6,180,000. Voya Investment Management LLC raised its position in Targa Resources by 92.3% in the first quarter. Voya Investment Management LLC now owns 395,420 shares of the pipeline company’s stock worth $79,137,000 after acquiring an additional 189,794 shares during the period. Strs Ohio bought a new stake in Targa Resources in the first quarter worth about $1,563,000. Finally, Belpointe Asset Management LLC bought a new stake in Targa Resources in the first quarter worth about $224,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $166.38 on Monday. The firm’s 50 day simple moving average is $165.85 and its 200 day simple moving average is $171.25. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. The firm has a market capitalization of $35.80 billion, a PE ratio of 23.53, a price-to-earnings-growth ratio of 1.02 and a beta of 1.20. Targa Resources, Inc. has a 1-year low of $144.30 and a 1-year high of $218.51.

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

Targa Resources Increases Dividend

The company 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 is a boost from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources’s payout ratio is currently 56.58%.

Analyst Ratings Changes

Several brokerages have commented on TRGP. Royal Bank Of Canada lifted their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. TD Cowen initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating and a $192.00 price target on the stock. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. Cfra Research raised shares of Targa Resources to a “hold” rating in a research report on Friday, August 8th. Finally, Mizuho lowered their price target on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $208.86.

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.