Wealth Enhancement Advisory Services LLC Raises Holdings in Targa Resources, Inc. $TRGP

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Targa Resources, Inc. by 18.0% during the second quarter, now owning 48,930 shares valued at approximately $8.49 million.
• Targa Resources reported an EPS of $2.87 for the last quarter, exceeding analysts' expectations of $1.95, with a revenue of $4.26 billion.
• The company recently announced a quarterly dividend of $1.00 per share, significantly up from its prior dividend of $0.12, resulting in an annualized yield of 2.4%.

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 18.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 48,930 shares of the pipeline company's stock after acquiring an additional 7,473 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Targa Resources were worth $8,490,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Cornerstone Planning Group LLC raised its stake in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company's stock worth $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 about $31,000. Mascagni Wealth Management Inc. purchased a new stake in Targa Resources during the fourth quarter worth about $32,000. Copia Wealth Management acquired a new position in Targa Resources during the fourth quarter worth about $37,000. Finally, Disciplina Capital Management LLC purchased a new position in Targa Resources in the first quarter valued at about $46,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Price Performance

Targa Resources stock opened at $170.03 on Wednesday. Targa Resources, Inc. has a 1 year low of $144.30 and a 1 year high of $218.51. 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 firm has a 50 day moving average price of $165.05 and a 200 day moving average price of $170.23. The company has a market cap of $36.59 billion, a price-to-earnings ratio of 24.05, a PEG ratio of 0.98 and a beta of 1.21.

Targa Resources (NYSE:TRGP - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts' consensus estimates 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%. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. TD Cowen assumed coverage on Targa Resources in a report on Monday, July 7th. They set a "hold" rating and a $192.00 price objective for the company. Scotiabank reaffirmed an "outperform" rating on shares of Targa Resources in a research note on Thursday, August 14th. BMO Capital Markets began coverage on shares of Targa Resources in a research report on Friday, September 19th. They issued an "outperform" rating and a $185.00 price objective on the stock. Wall Street Zen upgraded shares of Targa Resources from a "hold" rating to a "buy" rating in a report on Sunday. Finally, Wells Fargo & Company restated an "overweight" rating and set a $205.00 target price (up previously from $198.00) on shares of Targa Resources in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently 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.

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