Johnson & White Wealth Management LLC Takes Position in Targa Resources, Inc. $TRGP

Johnson & White Wealth Management LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,534 shares of the pipeline company’s stock, valued at approximately $267,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Argus Investors Counsel Inc. grew its stake in shares of Targa Resources by 1.9% in the second quarter. Argus Investors Counsel Inc. now owns 13,575 shares of the pipeline company’s stock worth $2,363,000 after purchasing an additional 251 shares during the last quarter. Wagner Wealth Management LLC bought a new stake in Targa Resources during the 2nd quarter valued at approximately $677,000. Fort Washington Investment Advisors Inc. OH boosted its position in Targa Resources by 158.4% during the 2nd quarter. Fort Washington Investment Advisors Inc. OH now owns 17,899 shares of the pipeline company’s stock valued at $3,116,000 after acquiring an additional 10,973 shares in the last quarter. RBA Wealth Management LLC boosted its position in Targa Resources by 0.4% during the 2nd quarter. RBA Wealth Management LLC now owns 22,886 shares of the pipeline company’s stock valued at $3,984,000 after acquiring an additional 91 shares in the last quarter. Finally, Western Financial Corp CA boosted its position in Targa Resources by 2.3% during the 2nd quarter. Western Financial Corp CA now owns 6,158 shares of the pipeline company’s stock valued at $1,072,000 after acquiring an additional 141 shares in the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

TRGP has been the subject of several recent research reports. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Wall Street Zen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a report on Sunday, September 21st. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $189.00 to $209.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. Royal Bank Of Canada boosted their price target on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 12th. Finally, TD Securities started coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating for the company. One 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $207.27.

Targa Resources Stock Up 1.5%

TRGP stock opened at $174.36 on Friday. The stock has a market capitalization of $37.52 billion, a P/E ratio of 24.66, a P/E/G ratio of 1.03 and a beta of 1.20. Targa Resources, Inc. has a 52 week low of $144.30 and a 52 week high of $218.51. The firm has a 50-day simple moving average of $165.34 and a 200-day simple moving average of $170.04. 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 (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (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 the consensus estimate of $4.82 billion. Equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal 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 given a $1.00 dividend. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources’s 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.