NewEdge Wealth LLC Boosts Stake in Targa Resources, Inc. $TRGP

NewEdge Wealth LLC lifted its position in Targa Resources, Inc. (NYSE:TRGP) by 20.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,061 shares of the pipeline company’s stock after acquiring an additional 2,939 shares during the period. NewEdge Wealth LLC’s holdings in Targa Resources were worth $4,278,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Street Corp grew its stake in Targa Resources by 1.3% in the fourth quarter. State Street Corp now owns 12,668,233 shares of the pipeline company’s stock worth $2,337,289,000 after purchasing an additional 162,878 shares during the period. Geode Capital Management LLC raised its holdings in Targa Resources by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company’s stock worth $1,078,497,000 after purchasing an additional 45,495 shares in the last quarter. Norges Bank purchased a new position in Targa Resources during the fourth quarter valued at $735,758,000. Tortoise Capital Advisors L.L.C. lifted its position in Targa Resources by 20.3% during the fourth quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company’s stock valued at $625,272,000 after buying an additional 572,562 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of Targa Resources by 48.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 3,290,099 shares of the pipeline company’s stock valued at $607,023,000 after buying an additional 1,075,246 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on TRGP shares. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research report on Friday, May 8th. Citigroup reissued a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Mizuho boosted their price objective on shares of Targa Resources from $260.00 to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. UBS Group restated a “buy” rating and issued a $318.00 price objective on shares of Targa Resources in a report on Thursday, July 9th. Finally, Seaport Research Partners reaffirmed a “neutral” rating on shares of Targa Resources in a research note on Monday, May 4th. Seventeen analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $288.00.

Insiders Place Their Bets

In related news, Director Charles R. Crisp sold 10,602 shares of the business’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the transaction, the director directly owned 66,492 shares in the company, valued at $17,019,292.32. The trade was a 13.75% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.37% of the stock is currently owned by insiders.

Targa Resources Stock Performance

Shares of TRGP stock opened at $281.04 on Friday. The company has a market capitalization of $60.32 billion, a price-to-earnings ratio of 28.42, a price-to-earnings-growth ratio of 1.46 and a beta of 0.71. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04. The company’s 50-day moving average is $269.86 and its 200 day moving average is $241.99.

Targa Resources (NYSE:TRGP) last issued its earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.27). The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Sell-side analysts expect that Targa Resources, Inc. will post 10.76 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 annualized dividend and a dividend yield of 1.8%. Targa Resources’s dividend payout ratio (DPR) is 50.56%.

Targa Resources Profile

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.