Burney Co. Acquires 1,693 Shares of Targa Resources, Inc. $TRGP

Burney Co. grew its holdings in Targa Resources, Inc. (NYSE:TRGP) by 1.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 110,680 shares of the pipeline company’s stock after purchasing an additional 1,693 shares during the quarter. Burney Co. owned approximately 0.05% of Targa Resources worth $19,267,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC boosted its stake in shares of Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Disciplina Capital Management LLC bought a new position in shares of Targa Resources in the 1st quarter valued at about $46,000. Olde Wealth Management LLC bought a new position in shares of Targa Resources in the 1st quarter valued at about $52,000. Hilltop National Bank bought a new position in shares of Targa Resources in the 2nd quarter valued at about $63,000. Finally, Private Trust Co. NA boosted its stake in shares of Targa Resources by 57.1% in the 2nd quarter. Private Trust Co. NA now owns 476 shares of the pipeline company’s stock valued at $83,000 after purchasing an additional 173 shares during the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $154.21 on Monday. 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 company has a market capitalization of $33.19 billion, a P/E ratio of 21.81, a price-to-earnings-growth ratio of 0.91 and a beta of 1.12. The company’s 50 day moving average price is $161.37 and its two-hundred day moving average price is $164.96. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $218.51.

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

Targa Resources Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.6%. The ex-dividend date is Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is 56.58%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on TRGP. BMO Capital Markets began coverage on shares of Targa Resources in a research report on Friday, September 19th. They issued an “outperform” rating and a $185.00 price target on the stock. Royal Bank Of Canada increased their price target on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Mizuho cut 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 report on Friday, August 29th. TD Cowen began coverage on shares of Targa Resources in a research report on Monday, July 7th. They issued a “hold” rating and a $192.00 price target on the stock. Finally, JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 7th. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $209.50.

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.