Heritage Wealth Management Inc. Texas Reduces Position in Targa Resources, Inc. (NYSE:TRGP)

Heritage Wealth Management Inc. Texas cut its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 6.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 5,962 shares of the pipeline company’s stock after selling 405 shares during the period. Targa Resources accounts for 0.7% of Heritage Wealth Management Inc. Texas’ portfolio, making the stock its 15th biggest position. Heritage Wealth Management Inc. Texas’ holdings in Targa Resources were worth $1,195,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. SBI Securities Co. Ltd. bought a new stake in shares of Targa Resources in the 4th quarter worth approximately $88,000. Commonwealth Equity Services LLC boosted its holdings in Targa Resources by 30.7% in the fourth quarter. Commonwealth Equity Services LLC now owns 28,024 shares of the pipeline company’s stock worth $5,002,000 after acquiring an additional 6,589 shares in the last quarter. West Michigan Advisors LLC bought a new position in Targa Resources in the 4th quarter valued at approximately $579,000. Dynamic Advisor Solutions LLC purchased a new stake in Targa Resources during the 1st quarter valued at $544,000. Finally, Aptus Capital Advisors LLC bought a new position in shares of Targa Resources during the 4th quarter valued at $338,000. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Down 0.2%

Shares of Targa Resources stock opened at $169.35 on Friday. The company has a debt-to-equity ratio of 6.04, a current ratio of 0.65 and a quick ratio of 0.57. The stock has a market cap of $36.74 billion, a price-to-earnings ratio of 31.19, a PEG ratio of 0.59 and a beta of 1.07. The firm’s 50-day moving average is $166.15 and its two-hundred day moving average is $183.45. Targa Resources, Inc. has a 1 year low of $122.56 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.04 by ($1.13). The business had revenue of $4.56 billion for the quarter, compared to the consensus estimate of $5.01 billion. Targa Resources had a net margin of 7.35% and a return on equity of 30.48%. As a group, research analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a dividend, which was paid on Thursday, May 15th. Stockholders of record on Thursday, May 1st were issued a $1.00 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a dividend yield of 2.34%. Targa Resources’s dividend payout ratio is presently 73.66%.

Analyst Ratings Changes

TRGP has been the subject of a number of recent research reports. Scotiabank boosted their price target on Targa Resources from $193.00 to $197.00 and gave the company a “sector outperform” rating in a research note on Thursday, June 5th. Citigroup dropped their price target on shares of Targa Resources from $227.00 to $197.00 and set a “buy” rating for the company in a research report on Friday, May 9th. Truist Financial increased their price target on Targa Resources from $220.00 to $235.00 and gave the stock a “buy” rating in a research note on Tuesday, March 18th. Barclays lowered their target price on shares of Targa Resources from $206.00 to $178.00 and set an “overweight” rating on the stock in a report on Tuesday, May 20th. Finally, Wells Fargo & Company boosted their price target on shares of Targa Resources from $204.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $199.07.

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.