Avidian Wealth Enterprises LLC Sells 166 Shares of Targa Resources, Inc. $TRGP

Avidian Wealth Enterprises LLC lowered its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 10.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,472 shares of the pipeline company’s stock after selling 166 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Targa Resources were worth $256,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in TRGP. Cornerstone Planning Group LLC grew its stake in Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after buying an additional 110 shares during the last quarter. Disciplina Capital Management LLC acquired a new position in shares of Targa Resources in the 1st quarter worth approximately $46,000. Olde Wealth Management LLC bought a new stake in Targa Resources during the 1st quarter worth approximately $52,000. Hilltop National Bank bought a new stake in Targa Resources during the 2nd quarter worth approximately $63,000. Finally, Private Trust Co. NA increased its holdings in Targa Resources by 57.1% during 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 in the last quarter. 92.13% of the stock is owned by institutional investors.

Targa Resources Stock Performance

Targa Resources stock opened at $156.82 on Friday. The company has a market cap of $33.75 billion, a PE ratio of 22.18, a PEG ratio of 0.99 and a beta of 1.12. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. The company’s 50-day moving average is $162.49 and its two-hundred day moving average is $165.56.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping 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 during the quarter, compared to the consensus estimate of $4.82 billion. Equities analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources’s dividend payout ratio is 56.58%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on TRGP shares. Royal Bank Of Canada increased their target price on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. TD Securities began coverage on shares of Targa Resources in a report on Monday, July 7th. They set a “hold” rating on the stock. Barclays boosted their target price on shares of Targa Resources from $178.00 to $195.00 and gave the stock an “overweight” rating in a research note on Thursday, July 10th. TD Cowen initiated coverage on shares of Targa Resources in a research report on Monday, July 7th. They set a “hold” rating and a $192.00 target price on the stock. Finally, Cfra Research raised shares of Targa Resources to a “hold” rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Targa Resources currently has an average rating of “Moderate Buy” and an average target price of $209.50.

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.