Secure Asset Management LLC Has $1.89 Million Holdings in Targa Resources, Inc. $TRGP

Key Points

• Secure Asset Management LLC increased its stake in Targa Resources, Inc. by 21.8% during the second quarter, now holding 10,872 shares valued at approximately $1.89 million.
• Targa Resources recently raised its quarterly dividend to $1.00, a significant increase from the previous $0.12, representing an annualized yield of 2.4%.
• Analysts have mixed ratings on Targa Resources, with a consensus rating of "Moderate Buy" and an average target price of $208.86.

Secure Asset Management LLC lifted its stake in Targa Resources, Inc. (NYSE:TRGP - Free Report) by 21.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,872 shares of the pipeline company's stock after buying an additional 1,946 shares during the quarter. Secure Asset Management LLC's holdings in Targa Resources were worth $1,893,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in Targa Resources by 13.0% in the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 26,804 shares of the pipeline company's stock worth $4,666,000 after purchasing an additional 3,088 shares during the period. Chickasaw Capital Management LLC grew its position in Targa Resources by 3.3% in the second quarter. Chickasaw Capital Management LLC now owns 1,831,228 shares of the pipeline company's stock worth $318,780,000 after acquiring an additional 57,886 shares during the period. Chesley Taft & Associates LLC grew its position in Targa Resources by 5.6% in the second quarter. Chesley Taft & Associates LLC now owns 2,753 shares of the pipeline company's stock worth $479,000 after acquiring an additional 145 shares during the period. Clarus Wealth Advisors purchased a new position in Targa Resources in the second quarter worth approximately $263,000. Finally, Czech National Bank boosted its position in shares of Targa Resources by 5.9% during the second quarter. Czech National Bank now owns 53,025 shares of the pipeline company's stock worth $9,231,000 after buying an additional 2,940 shares during the period. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Trading Down 3.4%

Shares of NYSE TRGP traded down $5.73 during trading on Friday, hitting $164.39. 3,499,316 shares of the company traded hands, compared to its average volume of 1,249,636. Targa Resources, Inc. has a 1 year low of $144.30 and a 1 year high of $218.51. The company has a 50-day moving average price of $165.18 and a 200-day moving average price of $170.43. The firm has a market capitalization of $35.38 billion, a P/E ratio of 23.25, a P/E/G ratio of 0.97 and a beta of 1.20. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93.

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 analysts' consensus estimates of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to analysts' expectations of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. On average, equities analysts predict that Targa Resources, Inc. will post 8.15 EPS for the current 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 dividend of $1.00 per share. This is a boost from Targa Resources's previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date was Thursday, July 31st. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Wall Street Analyst Weigh In

TRGP has been the topic of a number of analyst reports. Wall Street Zen cut Targa Resources from a "buy" rating to a "hold" rating in a research note on Saturday, September 13th. Royal Bank Of Canada lifted their price objective on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Wells Fargo & Company reiterated an "overweight" rating and set a $205.00 price target (up from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Targa Resources from $189.00 to $209.00 and gave the company an "overweight" rating in a research report on Thursday, July 10th. 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 company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $207.27.

About Targa Resources

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.