Peak Financial Advisors LLC Takes $414,000 Position in Targa Resources, Inc. $TRGP

Key Points

• Peak Financial Advisors LLC has acquired a new stake in Targa Resources, Inc. (NYSE: TRGP) worth approximately $414,000 by purchasing 2,377 shares.
• Targa Resources recently reported quarterly earnings of $2.87 per share, significantly exceeding the consensus estimate of $1.95.
• The company declared a quarterly dividend of $1.00 per share, marking an increase from its previous dividend of $0.12, with a yield of 2.4%.

Peak Financial Advisors LLC acquired a new stake in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,377 shares of the pipeline company's stock, valued at approximately $414,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in TRGP. Cornerstone Planning Group LLC lifted its holdings in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock valued at $26,000 after purchasing an additional 110 shares during the last quarter. Ameriflex Group Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at $31,000. Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at $32,000. Copia Wealth Management purchased a new stake in shares of Targa Resources during the 4th quarter valued at $37,000. Finally, Disciplina Capital Management LLC acquired a new position in shares of Targa Resources in the 1st quarter valued at $46,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Shares of TRGP opened at $166.38 on Friday. The business's 50-day moving average is $165.85 and its two-hundred day moving average is $171.41. The company has a market capitalization of $35.80 billion, a P/E ratio of 23.53, a P/E/G ratio of 1.01 and a beta of 1.20. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. Targa Resources, Inc. has a fifty-two week low of $144.30 and a fifty-two week high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share for the quarter, topping the consensus estimate of $1.95 by $0.92. The company had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Research analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $4.00 annualized dividend and a yield of 2.4%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. Targa Resources's payout ratio is 56.58%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on TRGP. Wall Street Zen downgraded Targa Resources from a "buy" rating to a "hold" rating in a research report on Saturday. JPMorgan Chase & Co. upped their target price on Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. Wells Fargo & Company reissued an "overweight" rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. TD Cowen began coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating and a $192.00 target price on the stock. Finally, Scotiabank reissued an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $208.86.

Targa Resources 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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