MTM Investment Management LLC Buys New Position in Targa Resources, Inc. $TRGP

MTM Investment Management LLC purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 565 shares of the pipeline company’s stock, valued at approximately $98,000.

Several other large investors also recently bought and sold shares of the company. Disciplina Capital Management LLC acquired a new position in shares of Targa Resources during the first quarter worth $46,000. Hilltop National Bank purchased a new stake in Targa Resources during the 2nd quarter worth $63,000. Private Trust Co. NA increased its stake in Targa Resources by 57.1% during the 2nd 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 lifted its holdings in Targa Resources by 61.0% in the 2nd quarter. Wolff Wiese Magana LLC now owns 483 shares of the pipeline company’s stock worth $84,000 after buying an additional 183 shares in the last quarter. Finally, Atwood & Palmer Inc. boosted its position in Targa Resources by 538.9% in the 2nd quarter. Atwood & Palmer Inc. now owns 575 shares of the pipeline company’s stock valued at $100,000 after buying an additional 485 shares during the last quarter. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Performance

Targa Resources stock opened at $173.00 on Monday. The company has a fifty day moving average price of $161.75 and a two-hundred day moving average price of $164.47. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. The company has a market cap of $37.13 billion, a PE ratio of 24.47, a P/E/G ratio of 0.91 and a beta of 1.16.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.15 billion for the quarter, compared to the consensus estimate of $4.70 billion. Research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current 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 dividend of $1.00 per share. The ex-dividend date is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.3%. Targa Resources’s payout ratio is currently 53.19%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TRGP. JPMorgan Chase & Co. lifted their target price on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. Mizuho lowered their price objective on Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research note on Friday, August 29th. Scotiabank dropped their price objective on Targa Resources from $199.00 to $198.00 and set a “sector outperform” rating on the stock in a report on Thursday. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, Stifel Nicolaus set a $213.00 target price on Targa Resources in a research note on Thursday, November 6th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $209.86.

Targa Resources Company 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.