TD Asset Management Inc Decreases Position in Targa Resources, Inc. $TRGP

TD Asset Management Inc cut its stake in Targa Resources, Inc. (NYSE:TRGP) by 48.4% in the second quarter, Holdings Channel reports. The institutional investor owned 76,626 shares of the pipeline company’s stock after selling 71,899 shares during the period. TD Asset Management Inc’s holdings in Targa Resources were worth $20,546,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Hardy Reed LLC boosted its position in shares of Targa Resources by 1.0% during the first quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after buying an additional 41 shares during the period. Versant Capital Management Inc raised its holdings in shares of Targa Resources by 4.1% in the second quarter. Versant Capital Management Inc now owns 1,146 shares of the pipeline company’s stock worth $307,000 after buying an additional 45 shares during the period. Hantz Financial Services Inc. lifted its stake in shares of Targa Resources by 10.5% during the 4th quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock worth $97,000 after acquiring an additional 50 shares during the last quarter. River Wealth Advisors LLC lifted its stake in shares of Targa Resources by 0.3% during the 2nd quarter. River Wealth Advisors LLC now owns 19,457 shares of the pipeline company’s stock worth $5,217,000 after acquiring an additional 50 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Targa Resources by 0.7% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after acquiring an additional 51 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. The Goldman Sachs Group upped their price objective on Targa Resources from $242.00 to $268.00 and gave the company a “buy” rating in a research report on Monday, April 20th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. Raymond James Financial set a $335.00 price target on shares of Targa Resources in a research note on Friday, August 7th. Truist Financial boosted their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the company a “buy” rating in a research report on Wednesday, July 15th. Finally, Wolfe Research set a $335.00 price target on shares of Targa Resources in a research note on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources has a consensus rating of “Buy” and an average target price of $295.35.

Targa Resources Price Performance

NYSE TRGP opened at $275.77 on Friday. The company has a market cap of $59.13 billion, a price-to-earnings ratio of 26.36, a PEG ratio of 1.33 and a beta of 0.72. The stock’s fifty day moving average price is $269.33 and its 200 day moving average price is $250.72. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $291.04. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. As a group, equities research analysts forecast that Targa Resources, Inc. will post 11.01 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources’s payout ratio is presently 47.80%.

About Targa Resources

Targa Resources Corporation (NYSE: TRGP) is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.