Mezzasalma Advisors LLC Raises Position in Targa Resources, Inc. $TRGP

Mezzasalma Advisors LLC increased its stake in Targa Resources, Inc. (NYSE:TRGP) by 1.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,144 shares of the pipeline company’s stock after purchasing an additional 343 shares during the quarter. Targa Resources makes up approximately 1.1% of Mezzasalma Advisors LLC’s portfolio, making the stock its 23rd biggest holding. Mezzasalma Advisors LLC’s holdings in Targa Resources were worth $3,507,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Cornerstone Planning Group LLC raised its stake in shares of Targa Resources by 578.9% in the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after buying an additional 110 shares during the period. Disciplina Capital Management LLC bought a new position in shares of Targa Resources during the 1st quarter worth $46,000. Olde Wealth Management LLC purchased a new stake in Targa Resources in the 1st quarter worth about $52,000. Wolff Wiese Magana LLC increased its holdings in Targa Resources by 376.2% in the 1st quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock worth $60,000 after acquiring an additional 237 shares during the last quarter. Finally, Hilltop National Bank bought a new stake in Targa Resources in the 2nd quarter valued at about $63,000. 92.13% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Mizuho cut their target price on shares of Targa Resources from $212.00 to $207.00 and set an “outperform” rating for the company in a research report on Friday, August 29th. BMO Capital Markets started coverage on shares of Targa Resources in a research note on Friday, September 19th. They set an “outperform” rating and a $185.00 price target on the stock. Cfra Research raised shares of Targa Resources to a “hold” rating in a report on Friday, August 8th. TD Cowen started coverage on shares of Targa Resources in a report on Monday, July 7th. They set a “hold” rating and a $192.00 target price on the stock. Finally, Scotiabank restated an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. One research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Targa Resources presently has a consensus rating of “Moderate Buy” and an average target price of $209.50.

Targa Resources Price Performance

TRGP stock opened at $148.51 on Friday. The firm has a 50 day moving average of $163.54 and a 200-day moving average of $165.96. The firm has a market capitalization of $31.96 billion, a P/E ratio of 21.01, a price-to-earnings-growth ratio of 0.89 and a beta of 1.12. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. 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 (NYSE:TRGP) last posted its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $4.82 billion. As a group, sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.7%. The ex-dividend date is Friday, October 31st. Targa Resources’s payout ratio is presently 56.58%.

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.