Empirical Asset Management LLC Invests $1.03 Million in Targa Resources, Inc. $TRGP

Key Points

• Empirical Asset Management purchased 3,853 shares of Targa Resources worth approximately $1.03 million during the second quarter. Institutional investors collectively own 92.13% of TRGP.
• Targa Resources shares traded at $298.40, near their 12-month high, after the company reported quarterly EPS of $3.54—beating analyst expectations of $2.83—despite revenue falling short of estimates.
• The company paid a quarterly dividend of $1.25 per share, equivalent to a $5.00 annualized payout and a 1.7% yield. Analysts maintain a consensus “Buy” rating with an average price target of $297.18.

Empirical Asset Management LLC bought a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,853 shares of the pipeline company's stock, valued at approximately $1,033,000.

A number of other institutional investors have also recently made changes to their positions in TRGP. BlackRock Inc. increased its stake in Targa Resources by 1.4% during the second quarter. BlackRock Inc. now owns 20,832,687 shares of the pipeline company's stock worth $5,586,077,000 after acquiring an additional 291,114 shares during the last quarter. State Street Corp lifted its stake in shares of Targa Resources by 1.3% in the 4th quarter. State Street Corp now owns 12,668,233 shares of the pipeline company's stock valued at $2,337,289,000 after purchasing an additional 162,878 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Targa Resources by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 5,867,345 shares of the pipeline company's stock valued at $1,078,497,000 after purchasing an additional 45,495 shares during the last quarter. Norges Bank purchased a new position in shares of Targa Resources in the 4th quarter worth approximately $735,758,000. Finally, Tortoise Capital Advisors L.L.C. boosted its holdings in shares of Targa Resources by 20.3% in the 4th quarter. Tortoise Capital Advisors L.L.C. now owns 3,389,006 shares of the pipeline company's stock worth $625,272,000 after purchasing an additional 572,562 shares during the period. Institutional investors own 92.13% of the company's stock.

Targa Resources Trading Up 7.4%

Shares of NYSE TRGP opened at $298.40 on Wednesday. Targa Resources, Inc. has a twelve month low of $144.14 and a twelve month high of $305.08. The firm has a market cap of $63.99 billion, a PE ratio of 28.53, a price-to-earnings-growth ratio of 1.43 and a beta of 0.72. The business has a fifty day simple moving average of $270.29 and a two-hundred day simple moving average of $252.40. 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 (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. The business had revenue of $4.44 billion for 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%. Analysts expect that Targa Resources, Inc. will post 11.01 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders 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 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources's dividend payout ratio is presently 47.80%.

Analysts Set New Price Targets

TRGP has been the topic of several analyst reports. Raymond James Financial set a $335.00 target price on Targa Resources in a research report on Friday, August 7th. UBS Group reaffirmed a "buy" rating and set a $318.00 price objective on shares of Targa Resources in a research note on Thursday, July 9th. Citigroup reaffirmed a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. TD Cowen increased their target price on shares of Targa Resources from $270.00 to $275.00 and gave the company a "hold" rating in a research note on Friday, August 7th. Finally, Wells Fargo & Company raised 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target 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.

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