Ninepoint Partners LP Takes Position in Targa Resources, Inc. $TRGP

Ninepoint Partners LP acquired a new position in Targa Resources, Inc. (NYSE:TRGP) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 8,055 shares of the pipeline company’s stock, valued at approximately $2,160,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its stake in shares of Targa Resources by 57.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after purchasing an additional 12,640 shares in the last quarter. Hsbc Holdings PLC lifted its position in Targa Resources by 7.0% during the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after purchasing an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY grew its holdings in Targa Resources by 37.3% during the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after purchasing an additional 62,652 shares during the period. Raiffeisen Bank International AG increased its position in Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock worth $6,245,000 after buying an additional 20,905 shares in the last quarter. Finally, Icon Wealth Advisors LLC increased its position in Targa Resources by 24.0% in the fourth quarter. Icon Wealth Advisors LLC now owns 19,649 shares of the pipeline company’s stock worth $3,625,000 after buying an additional 3,797 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

NYSE TRGP opened at $301.99 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $306.73. The business has a 50-day moving average price of $271.43 and a 200-day moving average price of $253.78. The firm has a market cap of $64.76 billion, a price-to-earnings ratio of 28.87, a price-to-earnings-growth ratio of 1.44 and a beta of 0.72.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, topping 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 analysts’ expectations of $4.90 billion. As a group, equities research analysts predict that Targa Resources, Inc. will post 11.05 EPS for the current fiscal year.

Targa Resources Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources’s payout ratio is 47.80%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TRGP shares. UBS Group reaffirmed a “buy” rating and set a $318.00 price objective on shares of Targa Resources in a research report on Thursday, July 9th. Wells Fargo & Company increased their target price on shares of Targa Resources from $270.00 to $282.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Stifel Nicolaus set a $268.00 price target on shares of Targa Resources in a report on Friday, May 8th. JPMorgan Chase & Co. upped their price target on shares of Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Mizuho increased 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. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $297.18.

Targa Resources Company 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.