Soltis Investment Advisors LLC Acquires Shares of 2,961 Targa Resources, Inc. $TRGP

Soltis Investment Advisors LLC bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 2,961 shares of the pipeline company’s stock, valued at approximately $515,000.

A number of other institutional investors also recently modified their holdings of the business. Stratos Wealth Advisors LLC grew its stake in shares of Targa Resources by 3.6% in the first quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock valued at $356,000 after acquiring an additional 62 shares in the last quarter. UMB Bank n.a. boosted its holdings 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 purchasing an additional 70 shares during the period. QRG Capital Management Inc. grew its position in shares of Targa Resources by 0.8% during the 2nd quarter. QRG Capital Management Inc. now owns 9,296 shares of the pipeline company’s stock worth $1,618,000 after purchasing an additional 72 shares in the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Targa Resources by 6.1% during the first quarter. Proficio Capital Partners LLC now owns 1,373 shares of the pipeline company’s stock worth $275,000 after purchasing an additional 79 shares during the period. Finally, RBA Wealth Management LLC raised its position in shares of Targa Resources by 0.4% in the second quarter. RBA Wealth Management LLC now owns 22,886 shares of the pipeline company’s stock valued at $3,984,000 after buying an additional 91 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on TRGP. JPMorgan Chase & Co. raised their price objective on Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 7th. Cfra Research upgraded Targa Resources to a “hold” rating in a research report on Friday, August 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Stifel Nicolaus set a $213.00 price objective on shares of Targa Resources in a research note on Thursday. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Targa Resources presently has an average rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources Price Performance

Shares of TRGP stock opened at $171.81 on Friday. The business has a fifty day simple moving average of $161.19 and a 200 day simple moving average of $164.76. The company has a market cap of $36.97 billion, a P/E ratio of 24.30, a P/E/G ratio of 0.91 and a beta of 1.16. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $218.51.

Targa Resources (NYSE:TRGP) last issued its earnings results on Wednesday, November 5th. The pipeline company reported $2.20 EPS for the quarter, missing the consensus estimate of $2.22 by ($0.02). The business had revenue of $4.15 billion for the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, sell-side analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

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 paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources’s dividend payout ratio is presently 56.58%.

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.