Johnson & White Wealth Management LLC Invests $267,000 in Targa Resources, Inc. $TRGP

Key Points

• Johnson & White Wealth Management LLC invested approximately $267,000 in Targa Resources by acquiring 1,534 shares during the second quarter.
• Targa Resources reported a quarterly earnings per share (EPS) of $2.87, significantly surpassing analysts' forecasts of $1.95, despite revenue falling short of expectations.
• The company has recently increased its quarterly dividend from $0.12 to $1.00, indicating a positive growth outlook with an annualized yield of 2.3%.

Johnson & White Wealth Management LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,534 shares of the pipeline company's stock, valued at approximately $267,000.

Several other institutional investors also recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC grew its holdings in Targa Resources by 134.1% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 31,299 shares of the pipeline company's stock worth $5,587,000 after purchasing an additional 17,928 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the fourth quarter valued at $32,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Targa Resources by 27.1% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 1,150 shares of the pipeline company's stock valued at $231,000 after buying an additional 245 shares during the last quarter. Versant Capital Management Inc grew its holdings in shares of Targa Resources by 43.4% during the first quarter. Versant Capital Management Inc now owns 1,173 shares of the pipeline company's stock valued at $235,000 after buying an additional 355 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in Targa Resources by 22,699.0% during the first quarter. GAMMA Investing LLC now owns 928,377 shares of the pipeline company's stock valued at $186,112,000 after purchasing an additional 924,305 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Trading Up 1.5%

NYSE TRGP opened at $174.36 on Friday. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. The firm's fifty day moving average price is $165.34 and its 200 day moving average price is $170.04. The company has a market capitalization of $37.52 billion, a price-to-earnings ratio of 24.66, a price-to-earnings-growth ratio of 1.03 and a beta of 1.20. Targa Resources, Inc. has a 12 month low of $144.30 and a 12 month high of $218.51.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. This is a positive change from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Analysts Set New Price Targets

TRGP has been the subject of a number of analyst reports. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. Barclays upped their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. TD Securities initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a "hold" rating for the company. JPMorgan Chase & Co. increased their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Finally, Cfra Research upgraded shares of Targa Resources to a "hold" rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $207.27.

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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