Howard Capital Management Inc. Acquires 309 Shares of Targa Resources, Inc. $TRGP

Howard Capital Management Inc. lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 23.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,609 shares of the pipeline company’s stock after purchasing an additional 309 shares during the period. Howard Capital Management Inc.’s holdings in Targa Resources were worth $280,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Cornerstone Planning Group LLC raised its stake in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after buying an additional 110 shares during the period. Disciplina Capital Management LLC bought a new stake in Targa Resources in the 1st quarter valued at about $46,000. Olde Wealth Management LLC bought a new stake in Targa Resources in the 1st quarter valued at about $52,000. Hilltop National Bank bought a new stake in Targa Resources in the 2nd quarter valued at about $63,000. Finally, Raleigh Capital Management Inc. raised its stake in Targa Resources by 1,173.5% in the 1st quarter. Raleigh Capital Management Inc. now owns 433 shares of the pipeline company’s stock valued at $87,000 after acquiring an additional 399 shares during the period. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Price Performance

Targa Resources stock opened at $151.39 on Friday. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51. The business has a 50-day simple moving average of $161.55 and a 200 day simple moving average of $165.11. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The stock has a market cap of $32.58 billion, a price-to-earnings ratio of 21.41, a PEG ratio of 0.91 and a beta of 1.12.

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

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, October 31st. Targa Resources’s dividend payout ratio is 56.58%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TRGP. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Wells Fargo & Company restated an “overweight” rating and issued a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Mizuho lowered their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. Cfra Research upgraded Targa Resources to a “hold” rating in a research note on Friday, August 8th. Finally, TD Cowen initiated coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating and a $192.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $209.50.

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.