Turtle Creek Wealth Advisors LLC Buys New Position in Targa Resources, Inc. $TRGP

Key Points

• Turtle Creek Wealth Advisors LLC has acquired a new position in Targa Resources, purchasing 4,551 shares valued at approximately $792,000 in the second quarter.
• Targa Resources reported a quarterly EPS of $2.87, exceeding analysts' expectations of $1.95, though its revenue fell short of estimates at $4.26 billion.
• The company declared a quarterly dividend of $1.00 per share, with a dividend yield of 2.7%, set to be paid on November 17th to shareholders on record by October 31st.

Turtle Creek Wealth Advisors LLC bought 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 disclosure with the Securities & Exchange Commission. The firm bought 4,551 shares of the pipeline company's stock, valued at approximately $792,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TRGP. GAMMA Investing LLC boosted its position in shares of Targa Resources by 13.7% in the 1st quarter. GAMMA Investing LLC now owns 4,631 shares of the pipeline company's stock valued at $928,000 after purchasing an additional 559 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Targa Resources by 32.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 41,457 shares of the pipeline company's stock valued at $8,311,000 after purchasing an additional 10,158 shares during the period. Dynamic Advisor Solutions LLC acquired a new position in shares of Targa Resources in the 1st quarter valued at $544,000. QRG Capital Management Inc. boosted its position in shares of Targa Resources by 8.4% in the 1st quarter. QRG Capital Management Inc. now owns 9,224 shares of the pipeline company's stock valued at $1,849,000 after purchasing an additional 712 shares during the period. Finally, Clarius Group LLC boosted its position in shares of Targa Resources by 26.7% in the 1st quarter. Clarius Group LLC now owns 2,104 shares of the pipeline company's stock valued at $422,000 after purchasing an additional 444 shares during the period. Institutional investors and hedge funds own 92.13% of the company's stock.

Targa Resources Stock Down 3.2%

Shares of Targa Resources stock opened at $146.30 on Friday. The stock has a 50-day moving average price of $163.87 and a 200 day moving average price of $166.61. The company has a market cap of $31.48 billion, a P/E ratio of 20.69, a P/E/G ratio of 0.90 and a beta of 1.12. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93. Targa Resources, Inc. has a 1 year low of $145.86 and a 1 year high of $218.51.

Targa Resources (NYSE:TRGP - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $4.82 billion. As a group, analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be paid a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.7%. Targa Resources's dividend payout ratio (DPR) is 56.58%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the company. TD Securities assumed coverage on Targa Resources in a research report on Monday, July 7th. They issued a "hold" rating for the company. Scotiabank reiterated an "outperform" rating on shares of Targa Resources in a research report on Thursday, August 14th. Wall Street Zen upgraded Targa Resources from a "hold" rating to a "buy" rating in a research report on Sunday, September 21st. Royal Bank Of Canada increased their price target on Targa Resources from $205.00 to $208.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Finally, BMO Capital Markets assumed coverage on Targa Resources in a research note on Friday, September 19th. They issued an "outperform" rating and a $185.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $209.50.

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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