QRG Capital Management Inc. Buys 72 Shares of Targa Resources, Inc. $TRGP

QRG Capital Management Inc. boosted its stake in Targa Resources, Inc. (NYSE:TRGP) by 0.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,296 shares of the pipeline company’s stock after acquiring an additional 72 shares during the quarter. QRG Capital Management Inc.’s holdings in Targa Resources were worth $1,618,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Ritholtz Wealth Management increased its stake in Targa Resources by 1.3% in the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock valued at $991,000 after buying an additional 62 shares during the last quarter. Stratos Wealth Advisors LLC increased its stake in Targa Resources by 3.6% in the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock valued at $356,000 after buying an additional 62 shares during the last quarter. UMB Bank n.a. increased its stake in Targa Resources by 11.9% in the 2nd quarter. UMB Bank n.a. now owns 658 shares of the pipeline company’s stock valued at $115,000 after buying an additional 70 shares during the last quarter. Curated Wealth Partners LLC increased its stake in Targa Resources by 2.2% in the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock valued at $670,000 after buying an additional 73 shares during the last quarter. Finally, D.A. Davidson & CO. increased its stake in Targa Resources by 1.8% in the 1st quarter. D.A. Davidson & CO. now owns 4,267 shares of the pipeline company’s stock valued at $855,000 after buying an additional 74 shares during the last quarter. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Stock Up 2.4%

Shares of TRGP opened at $166.44 on Wednesday. Targa Resources, Inc. has a 52 week low of $150.00 and a 52 week high of $218.51. The firm has a market cap of $35.82 billion, a P/E ratio of 23.54, a price-to-earnings-growth ratio of 0.96 and a beta of 1.12. The firm’s 50-day simple moving average is $165.34 and its 200 day simple moving average is $168.65. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69.

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

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $1.00 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.4%. Targa Resources’s dividend payout ratio (DPR) is currently 56.58%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TRGP. Wells Fargo & Company reiterated an “overweight” rating and issued a $205.00 price target (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Royal Bank Of Canada boosted their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday. BMO Capital Markets started coverage on shares of Targa Resources in a research note on Friday, September 19th. They set an “outperform” rating and a $185.00 price objective on the stock. Finally, Scotiabank restated an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $207.67.

Targa Resources 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.