Acumen Wealth Advisors LLC Has $2.41 Million Holdings in Targa Resources, Inc. $TRGP

Key Points

• Acumen Wealth Advisors increased its Targa Resources stake by 171.1% in the second quarter, reaching 8,977 shares valued at approximately $2.41 million. Institutional investors and hedge funds collectively own 92.13% of the company.
• Analysts remain broadly bullish, with one Strong Buy, 17 Buy and one Hold rating. Targa has an average rating of “Buy” and a consensus price target of $295.35.
• Targa reported quarterly earnings of $3.54 per share, exceeding estimates of $2.83, while revenue came in below expectations at $4.44 billion. The company also paid a quarterly dividend of $1.25 per share, equivalent to a 1.8% annualized yield.

Acumen Wealth Advisors LLC lifted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 171.1% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,977 shares of the pipeline company's stock after acquiring an additional 5,666 shares during the period. Acumen Wealth Advisors LLC's holdings in Targa Resources were worth $2,407,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its stake in Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company's stock valued at $6,421,000 after purchasing an additional 12,640 shares during the period. Hsbc Holdings PLC increased its position in Targa Resources by 7.0% in the 4th quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company's stock worth $151,331,000 after buying an additional 53,413 shares during the period. Miller Howard Investments Inc. NY lifted its holdings in shares of 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 worth $57,816,000 after buying an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG lifted its holdings in shares of Targa Resources by 164.1% during 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 during the last quarter. Finally, Ninety One UK Ltd boosted its position in shares of Targa Resources by 12.6% in the fourth quarter. Ninety One UK Ltd now owns 97,731 shares of the pipeline company's stock valued at $18,031,000 after acquiring an additional 10,946 shares during the period. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Targa Resources from $291.00 to $315.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Wolfe Research set a $335.00 price objective on Targa Resources in a report on Friday, August 7th. UBS Group reiterated a "buy" rating and issued a $318.00 target price on shares of Targa Resources in a research note on Thursday, July 9th. Seaport Research Partners reiterated a "neutral" rating on shares of Targa Resources in a research report on Monday, May 4th. Finally, Mizuho increased their price objective on Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $295.35.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $275.77 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 $59.13 billion, a PE ratio of 26.36, a PEG ratio of 1.33 and a beta of 0.72. Targa Resources, Inc. has a 1-year low of $144.14 and a 1-year high of $291.04. The company has a fifty day moving average price of $269.33 and a 200 day moving average price of $250.72.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. The firm had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%. Research analysts predict that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.8%. The ex-dividend date was Friday, July 31st. Targa Resources's dividend payout ratio is presently 47.80%.

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.

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