Wealthfront Advisers LLC Boosts Holdings in Targa Resources, Inc. $TRGP

Key Points

• Wealthfront Advisers LLC increased its stake in Targa Resources by 25.6% in Q1, adding 4,931 shares to bring its total holdings to 24,187 shares worth about $6.1 million.
• Targa Resources reported mixed quarterly results, with earnings per share of $2.21 falling short of estimates and revenue of $4.09 billion also missing expectations.
• The company recently declared a quarterly dividend of $1.25 per share, equal to an annualized yield of about 1.8%, while analysts remain broadly positive with a Moderate Buy consensus and average target price of $285.93.

Wealthfront Advisers LLC raised its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 25.6% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,187 shares of the pipeline company's stock after acquiring an additional 4,931 shares during the period. Wealthfront Advisers LLC's holdings in Targa Resources were worth $6,064,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Olistico Wealth LLC purchased a new position in shares of Targa Resources during the 4th quarter worth about $27,000. Atlantic Union Bankshares Corp bought a new stake in Targa Resources in the fourth quarter worth about $27,000. Miller Capital Partners Inc. bought a new stake in Targa Resources in the fourth quarter worth about $30,000. Leonteq Securities AG purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $31,000. Finally, Godfrey Financial Associates Inc. purchased a new position in shares of Targa Resources during the fourth quarter valued at approximately $37,000. Hedge funds and other institutional investors own 92.13% of the company's stock.

Targa Resources Stock Performance

Shares of NYSE:TRGP opened at $283.39 on Friday. The firm has a market cap of $60.83 billion, a PE ratio of 28.65, a price-to-earnings-growth ratio of 1.45 and a beta of 0.71. The firm's 50 day simple moving average is $267.82 and its 200-day simple moving average is $238.58. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $285.56. The company has a debt-to-equity ratio of 5.64, a quick ratio of 0.62 and a current ratio of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The pipeline company reported $2.21 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.27). Targa Resources had a net margin of 12.87% and a return on equity of 71.00%. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.68 billion. As a group, equities analysts predict that Targa Resources, Inc. will post 10.75 EPS for the current year.

Targa Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a dividend of $1.25 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.8%. Targa Resources's payout ratio is 50.56%.

Analyst Ratings Changes

TRGP has been the topic of several recent analyst reports. Barclays increased their price target on Targa Resources from $270.00 to $282.00 and gave the stock an "overweight" rating in a report on Monday, July 13th. TD Cowen boosted their price objective on Targa Resources from $245.00 to $270.00 and gave the company a "hold" rating in a report on Thursday. Morgan Stanley increased their target price on Targa Resources from $327.00 to $331.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 12th. Royal Bank Of Canada reiterated an "outperform" rating and set a $281.00 target price on shares of Targa Resources in a research report on Tuesday, May 12th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Targa Resources from $291.00 to $315.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Targa Resources presently has an average rating of "Moderate Buy" and an average target price of $285.93.

Insiders Place Their Bets

In other Targa Resources news, Director Charles R. Crisp sold 10,602 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $255.96, for a total value of $2,713,687.92. Following the completion of the sale, the director directly owned 66,492 shares in the company, valued at approximately $17,019,292.32. This represents a 13.75% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.37% of the stock is currently owned by company insiders.

Targa Resources Company Profile

Targa Resources Corporation NYSE: TRGP is a U.S.-focused midstream energy company that provides gathering, processing, transportation, storage and marketing services for natural gas, natural gas liquids (NGLs), and condensate. Its operations span the midstream value chain, including gas gathering systems that collect production from wells, processing plants that separate and recover NGLs and other hydrocarbons, fractionation and purification facilities that prepare NGLs for market, and pipeline and terminal assets that move and store products for producers, refiners and other customers.

The company operates a network of pipelines, processing plants, fractionators and storage facilities that serve producers and consumers across major U.S.

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