RBA Wealth Management LLC Raises Stock Holdings in Targa Resources, Inc. $TRGP

RBA Wealth Management LLC lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 0.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 22,886 shares of the pipeline company’s stock after acquiring an additional 91 shares during the quarter. RBA Wealth Management LLC’s holdings in Targa Resources were worth $3,984,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its position in shares of Targa Resources by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock worth $5,529,820,000 after acquiring an additional 423,667 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of Targa Resources by 7.5% during the 1st quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after purchasing an additional 962,631 shares during the period. Invesco Ltd. increased its holdings in Targa Resources by 3.2% in the 1st quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock valued at $915,338,000 after purchasing an additional 139,780 shares in the last quarter. GQG Partners LLC lifted its position in shares of Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in Targa Resources by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company’s stock valued at $568,217,000 after acquiring an additional 77,999 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 1.5%

TRGP opened at $174.36 on Friday. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The business’s 50-day simple moving average is $165.34 and its 200-day simple moving average is $170.04. Targa Resources, Inc. has a one year low of $144.30 and a one year high of $218.51. The company has a market cap of $37.52 billion, a P/E ratio of 24.66, a PEG ratio of 1.03 and a beta of 1.20.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, beating the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources’s payout ratio is currently 56.58%.

Analyst Ratings Changes

TRGP has been the subject of a number of research analyst reports. BMO Capital Markets started coverage on shares of Targa Resources in a research report on Friday, September 19th. They set an “outperform” rating and a $185.00 target price for the company. Cfra Research upgraded shares of Targa Resources to a “hold” rating in a research note on Friday, August 8th. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. TD Securities initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a “hold” rating for the company. Finally, Mizuho decreased their price target on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Targa Resources presently has an average rating of “Moderate Buy” and a consensus price target of $207.27.

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.