Northwestern Mutual Wealth Management Co. Buys Shares of 9,993 Targa Resources, Inc. $TRGP

Key Points

• Northwestern Mutual Wealth Management purchased 9,993 shares of Targa Resources during the second quarter, valued at approximately $2.68 million. Institutional investors collectively own 92.13% of TRGP.
• Targa Resources reported quarterly EPS of $3.54, exceeding analysts’ $2.83 estimate, although revenue of $4.44 billion fell short of the $4.90 billion consensus forecast.
• Analysts remain broadly bullish, with a consensus “Buy” rating and a $297.18 price target. The company also pays a quarterly dividend of $1.25 per share, equivalent to a 1.7% yield.

Northwestern Mutual Wealth Management Co. purchased a new stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 9,993 shares of the pipeline company's stock, valued at approximately $2,679,000.

Several other large investors have also recently made changes to their positions in TRGP. Evolve Private Wealth LLC purchased a new stake in shares of Targa Resources during the 2nd quarter worth $210,000. TRB Wealth Management LLC purchased a new position in Targa Resources in the second quarter valued at about $234,000. Korea Investment CORP bought a new position in Targa Resources in the second quarter worth about $35,823,000. EP Wealth Advisors LLC bought a new position in Targa Resources in the second quarter worth about $304,000. Finally, Bard Associates Inc. bought a new position in Targa Resources in the second quarter worth about $2,084,000. 92.13% of the stock is owned by institutional investors.

Targa Resources Price Performance

Shares of NYSE TRGP opened at $294.10 on Tuesday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company has a market cap of $63.06 billion, a PE ratio of 28.12, a P/E/G ratio of 1.43 and a beta of 0.72. The business has a 50-day simple moving average of $272.62 and a two-hundred day simple moving average of $255.13. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $307.94.

Targa Resources (NYSE:TRGP - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The business had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.90 billion. As a group, equities analysts expect that Targa Resources, Inc. will post 11.13 EPS for the current fiscal year.

Targa Resources Announces Dividend

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 dividend of $1.25 per share. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's payout ratio is currently 47.80%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Royal Bank Of Canada raised their price target on shares of Targa Resources from $310.00 to $312.00 and gave the company an "outperform" rating in a report on Tuesday, August 11th. Scotiabank boosted their price objective on shares of Targa Resources from $249.00 to $257.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 12th. Mizuho increased their target price on shares of Targa Resources from $260.00 to $300.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Wolfe Research set a $335.00 target price on shares of Targa Resources in a research note on Friday, August 7th. Finally, Erste Group Bank assumed coverage on shares of Targa Resources in a report on Thursday, June 25th. They issued a "buy" rating on the stock. One investment 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 company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $297.18.

About Targa Resources

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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