NewEdge Wealth LLC Makes New Investment in Targa Resources, Inc. $TRGP

NewEdge Wealth LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 13,577 shares of the pipeline company’s stock, valued at approximately $3,641,000.

Other hedge funds have also recently modified their holdings of the company. Woodline Partners LP lifted its stake in shares of Targa Resources by 40.7% during the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after acquiring an additional 5,327 shares during the last quarter. Focus Partners Wealth boosted its holdings in Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after acquiring an additional 2,404 shares during the period. Baird Financial Group Inc. grew its position in Targa Resources by 6.3% in the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after acquiring an additional 219 shares during the last quarter. Brown Advisory Inc. grew its position in Targa Resources by 13.1% in the 2nd quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after acquiring an additional 524 shares during the last quarter. Finally, Cerity Partners LLC increased its stake in Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after purchasing an additional 3,163 shares during the period. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 1.6%

TRGP opened at $301.99 on Friday. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. The firm has a market cap of $64.76 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 1.44 and a beta of 0.72. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $306.73. The stock has a fifty day moving average price of $271.43 and a 200-day moving average price of $253.78.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts’ consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion for the quarter, compared to the consensus estimate of $4.90 billion. As a group, equities research analysts anticipate that Targa Resources, Inc. will post 11.05 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were issued a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Analysts Set New Price Targets

Several research firms have recently weighed in on TRGP. Wells Fargo & Company lifted their target price on Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Wolfe Research set a $335.00 price target on shares of Targa Resources in a research note on Friday, August 7th. Erste Group Bank initiated coverage on shares of Targa Resources in a report on Thursday, June 25th. They set a “buy” rating for the company. Seaport Research Partners reissued a “neutral” rating on shares of Targa Resources in a research report on Monday, May 4th. Finally, Mizuho upped their target price 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. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $297.18.

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.