Ninepoint Partners LP Makes New $2.16 Million Investment in Targa Resources, Inc. $TRGP

Key Points

• Ninepoint Partners LP purchased 8,055 shares of Targa Resources valued at approximately $2.16 million during the second quarter. Institutional investors own 92.13% of the company’s outstanding stock.
• Analysts maintain a favorable outlook, with a consensus “Buy” rating and an average price target of $297.18; individual targets range from $268 to $335.
• Targa Resources reported quarterly EPS of $3.54, beating estimates of $2.83, while revenue reached $4.44 billion. The company also paid a quarterly dividend of $1.25 per share, equivalent to a 1.7% annualized yield.

Ninepoint Partners LP bought a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,055 shares of the pipeline company's stock, valued at approximately $2,160,000.

Several other hedge funds also recently made changes to their positions in the company. CoreCap Advisors LLC raised its holdings in Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after purchasing an additional 91 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Targa Resources in the 4th quarter worth about $27,000. Miller Capital Partners Inc. bought a new position in shares of Targa Resources in the 4th quarter worth about $30,000. Global Assets Advisory LLC bought a new position in shares of Targa Resources in the 1st quarter worth about $41,000. Finally, Leonteq Securities AG purchased a new position in Targa Resources during the 4th quarter valued at about $31,000. 92.13% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

TRGP has been the topic of a number of recent research reports. Stifel Nicolaus set a $268.00 price objective on shares of Targa Resources in a report on Friday, May 8th. Raymond James Financial set a $335.00 price objective on Targa Resources in a research report on Friday, August 7th. Royal Bank Of Canada lifted their price objective on Targa Resources from $310.00 to $312.00 and gave the company an "outperform" rating in a research note on Tuesday, August 11th. UBS Group reiterated a "buy" rating and issued a $318.00 price target on shares of Targa Resources in a research note on Thursday, July 9th. Finally, US Capital Advisors downgraded shares of Targa Resources from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, Targa Resources currently has a consensus rating of "Buy" and a consensus price target of $297.18.

Targa Resources Stock Up 1.6%

Targa Resources stock opened at $301.99 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $306.73. The stock has a fifty day simple moving average of $271.43 and a two-hundred day simple moving average of $253.78. 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 $64.76 billion, a price-to-earnings ratio of 28.87, a PEG ratio of 1.44 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last released 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 return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. Equities analysts predict that Targa Resources, Inc. will post 11.05 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $1.25 dividend. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's payout ratio is 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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