Segment Wealth Management LLC Boosts Position in Targa Resources, Inc. $TRGP

Key Points

• Segment Wealth Management LLC increased its holdings in Targa Resources, Inc. by 3.3% during Q2, now owning 60,851 shares valued at approximately $10.59 million.
• Targa Resources has announced a quarterly dividend of $1.00, resulting in an annualized dividend of $4.00 and a yield of 2.5%, up from its previous quarterly dividend of $0.12.
• The company reported $2.87 earnings per share for the latest quarter, significantly exceeding the analysts' consensus estimate of $1.95, although revenue fell short of expectations.

Segment Wealth Management LLC grew its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 3.3% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 60,851 shares of the pipeline company's stock after buying an additional 1,920 shares during the period. Segment Wealth Management LLC's holdings in Targa Resources were worth $10,593,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in TRGP. Vanguard Group Inc. grew its stake in Targa Resources by 1.6% in the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company's stock worth $5,529,820,000 after purchasing an additional 423,667 shares during the period. Wellington Management Group LLP grew its stake in Targa Resources by 7.5% in the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company's stock worth $2,764,673,000 after purchasing an additional 962,631 shares during the period. Invesco Ltd. grew its stake in Targa Resources by 3.2% in the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company's stock worth $915,338,000 after purchasing an additional 139,780 shares during the period. GQG Partners LLC grew its stake in Targa Resources by 64.0% in the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company's stock worth $724,560,000 after purchasing an additional 1,410,747 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in Targa Resources by 2.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company's stock worth $568,217,000 after purchasing an additional 77,999 shares during the period. 92.13% of the stock is owned by hedge funds and other institutional investors.

Targa Resources Stock Down 0.2%

TRGP stock opened at $162.35 on Friday. Targa Resources, Inc. has a fifty-two week low of $150.00 and a fifty-two week high of $218.51. The business's 50-day moving average is $165.49 and its two-hundred day moving average is $169.33. The company has a debt-to-equity ratio of 5.93, a quick ratio of 0.56 and a current ratio of 0.69. The company has a market cap of $34.94 billion, a price-to-earnings ratio of 22.96, a P/E/G ratio of 0.96 and a beta of 1.12.

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

Targa Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. This is an increase from Targa Resources's previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources's dividend payout ratio is 56.58%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Cfra Research raised Targa Resources to a "hold" rating in a research note on Friday, August 8th. Weiss Ratings reissued a "buy (b-)" rating on shares of Targa Resources in a report on Saturday, September 27th. 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 report on Friday, August 8th. Barclays boosted their target price on Targa Resources from $178.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, BMO Capital Markets began coverage on Targa Resources in a report on Friday, September 19th. They issued an "outperform" rating and a $185.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average 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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