Adams Natural Resources Fund Inc. Purchases 77,850 Shares of Targa Resources, Inc. $TRGP

Key Points

• Adams Natural Resources Fund Inc. significantly increased its stake in Targa Resources, Inc. by acquiring an additional 77,850 shares, representing a 1,428.4% increase during the second quarter, bringing its total ownership to 83,300 shares valued at approximately $14.5 million.
• The company has recently reported a quarterly earnings per share (EPS) of $2.87, surpassing analysts' expectations of $1.95, despite reporting revenue of $4.26 billion, which was below the forecast of $4.82 billion.
• Targa Resources is set to distribute a quarterly dividend of $1.00 per share on November 17th, translating to an annualized dividend yield of 2.6% and a payout ratio of 56.58%.

Adams Natural Resources Fund Inc. increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 1,428.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 83,300 shares of the pipeline company's stock after acquiring an additional 77,850 shares during the period. Targa Resources makes up about 2.3% of Adams Natural Resources Fund Inc.'s holdings, making the stock its 11th biggest position. Adams Natural Resources Fund Inc.'s holdings in Targa Resources were worth $14,501,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Exencial Wealth Advisors LLC increased its holdings in Targa Resources by 0.4% during the 2nd quarter. Exencial Wealth Advisors LLC now owns 34,783 shares of the pipeline company's stock worth $6,055,000 after acquiring an additional 148 shares during the period. D.A. Davidson & CO. increased its holdings in Targa Resources by 6.7% during the 2nd quarter. D.A. Davidson & CO. now owns 4,555 shares of the pipeline company's stock worth $793,000 after acquiring an additional 288 shares during the period. DekaBank Deutsche Girozentrale increased its holdings in Targa Resources by 13.2% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 71,038 shares of the pipeline company's stock worth $12,434,000 after acquiring an additional 8,294 shares during the period. Mezzasalma Advisors LLC increased its holdings in Targa Resources by 1.7% during the 2nd quarter. Mezzasalma Advisors LLC now owns 20,144 shares of the pipeline company's stock worth $3,507,000 after acquiring an additional 343 shares during the period. Finally, Chicago Partners Investment Group LLC increased its holdings in Targa Resources by 0.7% during the 2nd quarter. Chicago Partners Investment Group LLC now owns 45,592 shares of the pipeline company's stock worth $7,519,000 after acquiring an additional 300 shares during the period. Institutional investors own 92.13% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on TRGP shares. Cfra Research raised shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. JPMorgan Chase & Co. boosted their price target on shares of Targa Resources from $214.00 to $215.00 and gave the stock an "overweight" rating in a research note on Tuesday, October 7th. Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 price target (up previously from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. Finally, TD Cowen assumed coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a "hold" rating and a $192.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of "Moderate Buy" and an average target price of $209.50.

Targa Resources Price Performance

Shares of Targa Resources stock opened at $151.40 on Wednesday. Targa Resources, Inc. has a 52-week low of $144.14 and a 52-week high of $218.51. The stock has a market capitalization of $32.58 billion, a price-to-earnings ratio of 21.41, a price-to-earnings-growth ratio of 0.90 and a beta of 1.12. The company has a fifty day moving average of $162.91 and a 200-day moving average of $165.69. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current year.

Targa Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a $1.00 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.6%. Targa Resources's dividend payout ratio is 56.58%.

Targa Resources Company 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.

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