Bank of Nova Scotia bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 26,791 shares of the pipeline company's stock, valued at approximately $7,184,000.
A number of other hedge funds also recently made changes to their positions in the business. Compass Financial Management LLC bought a new stake in Targa Resources in the 2nd quarter valued at $33,000. Elevation Point Wealth Partners LLC acquired a new stake in Targa Resources during the 2nd quarter valued at $1,001,000. Alta Advisers Ltd acquired a new stake in shares of Targa Resources during the 2nd quarter worth about $220,000. Daiichi Life Insurance Co. Ltd. bought a new stake in shares of Targa Resources during the 2nd quarter worth about $2,733,000. Finally, Commerce Bank bought a new stake in shares of Targa Resources during the 2nd quarter worth about $10,485,000. 92.13% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research firms have weighed in on TRGP. Mizuho increased their price target on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research report on Wednesday, May 27th. Royal Bank Of Canada increased their target price on Targa Resources from $310.00 to $312.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 11th. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a report on Thursday, July 2nd. Finally, JPMorgan Chase & Co. boosted their price target on Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, Targa Resources presently has an average rating of "Buy" and a consensus price target of $297.18.
Read Our Latest Analysis on TRGP
Targa Resources Stock Performance
NYSE TRGP opened at $294.10 on Tuesday. The firm's 50 day simple moving average is $272.62 and its 200 day simple moving average is $255.13. The firm has a market capitalization of $63.06 billion, a price-to-earnings ratio of 28.12, a P/E/G ratio of 1.43 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $307.94.
Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating the consensus estimate of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. As a group, research analysts expect that Targa Resources, Inc. will post 11.13 earnings per share for the current fiscal year.
Targa Resources Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid 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 presently 47.80%.
About Targa Resources
(
Free Report)
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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