Northwestern Mutual Wealth Management Co. Purchases Shares of 9,993 Targa Resources, Inc. $TRGP

Northwestern Mutual Wealth Management Co. acquired a new stake in Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 9,993 shares of the pipeline company’s stock, valued at approximately $2,679,000.

Several other institutional investors have also recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in Targa Resources in the fourth quarter valued at approximately $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources during the 4th quarter worth approximately $30,000. Leonteq Securities AG purchased a new position in Targa Resources during the 4th quarter worth approximately $31,000. CoreCap Advisors LLC lifted its stake in Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after acquiring an additional 91 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in Targa Resources during the 2nd quarter valued at approximately $35,000. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Targa Resources Trading Down 1.7%

Shares of NYSE:TRGP opened at $294.10 on Tuesday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $307.94. The business has a 50 day moving average of $272.62 and a two-hundred day moving average of $255.13. The company has a market capitalization of $63.06 billion, a PE ratio of 28.12, a PEG ratio of 1.43 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping analysts’ consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. As a group, analysts forecast that Targa Resources, Inc. will post 11.13 EPS for the current year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $1.25 per share. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s dividend payout ratio is 47.80%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on TRGP shares. TD Cowen upped their price objective on shares of Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a report on Friday, August 7th. JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Truist Financial upped their price target on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a report on Wednesday, July 15th. Scotiabank increased their price target on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. Finally, Mizuho increased their price target on Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $297.18.

Targa Resources Company Profile

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.