Targa Resources, Inc. $TRGP Position Raised by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC increased its position in Targa Resources by 36.7%, acquiring an additional 4,613 shares, bringing its total holdings to 17,198 shares valued at $3,448,000.
• Targa Resources recently announced a quarterly dividend increase to $1.00 per share, representing an annualized dividend of $4.00 and a dividend yield of 2.5%.
• Wall Street analysts have generally favorable views on Targa Resources, with an average rating of "Moderate Buy" and a consensus target price of $208.86, reflecting positive expectations for the stock's performance.

NewEdge Advisors LLC grew its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 36.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 17,198 shares of the pipeline company's stock after acquiring an additional 4,613 shares during the quarter. NewEdge Advisors LLC's holdings in Targa Resources were worth $3,448,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of TRGP. Cornerstone Planning Group LLC lifted its position in Targa Resources by 578.9% in 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. acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $31,000. Mascagni Wealth Management Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at approximately $32,000. Copia Wealth Management bought a new stake in shares of Targa Resources during the fourth quarter valued at approximately $37,000. Finally, Disciplina Capital Management LLC acquired a new position in shares of Targa Resources during the first quarter worth approximately $46,000. Institutional investors and hedge funds own 92.13% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on TRGP. JPMorgan Chase & Co. raised 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. Cfra Research raised Targa Resources to a "hold" rating in a research note on Friday, August 8th. Wells Fargo & Company restated an "overweight" rating and set a $205.00 price objective (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Wall Street Zen raised shares of Targa Resources from a "hold" rating to a "buy" rating in a report on Saturday, August 23rd. Finally, Mizuho decreased their target price on shares of Targa Resources from $212.00 to $207.00 and set an "outperform" rating for the company in a research report on Friday, August 29th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Targa Resources has an average rating of "Moderate Buy" and a consensus target price of $208.86.

Targa Resources Trading Up 0.5%

Shares of Targa Resources stock opened at $161.36 on Wednesday. The business has a fifty day simple moving average of $166.37 and a 200-day simple moving average of $172.08. Targa Resources, Inc. has a fifty-two week low of $142.11 and a fifty-two week high of $218.51. The firm has a market cap of $34.72 billion, a price-to-earnings ratio of 22.82, a price-to-earnings-growth ratio of 0.98 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 released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $4.26 billion for the quarter, compared to analyst estimates of $4.82 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

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

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.

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