Wealthfront Advisers LLC Has $7.67 Million Stock Position in Targa Resources, Inc. $TRGP

Key Points

• Wealthfront Advisers increased its Targa Resources stake by 18.2% in the second quarter, bringing its holdings to 28,600 shares valued at approximately $7.67 million. Institutional investors and hedge funds collectively own 92.13% of TRGP.
• Targa Resources reported quarterly earnings of $3.54 per share, exceeding analysts’ $2.83 consensus estimate, although revenue of $4.44 billion fell short of the $4.90 billion forecast.
• The company pays a quarterly dividend of $1.25 per share, or $5.00 annually, representing a 1.7% yield. Analysts maintain a consensus “Buy” rating with an average price target of $297.18, while shares recently opened at $296.80.

Wealthfront Advisers LLC increased its position in shares of Targa Resources, Inc. (NYSE:TRGP - Free Report) by 18.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 28,600 shares of the pipeline company's stock after buying an additional 4,413 shares during the period. Wealthfront Advisers LLC's holdings in Targa Resources were worth $7,669,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TRGP. CoreCap Advisors LLC lifted its position in Targa Resources by 245.9% during the 2nd quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company's stock worth $34,000 after acquiring an additional 91 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $27,000. Miller Capital Partners Inc. acquired a new stake in shares of Targa Resources in the fourth quarter valued at about $30,000. Global Assets Advisory LLC bought a new position in shares of Targa Resources in the first quarter worth about $41,000. Finally, Leonteq Securities AG bought a new position in shares of Targa Resources in the fourth quarter worth about $31,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Targa Resources Price Performance

NYSE:TRGP opened at $296.80 on Thursday. The company has a debt-to-equity ratio of 5.01, a quick ratio of 0.68 and a current ratio of 0.77. The company has a 50-day moving average of $270.78 and a 200-day moving average of $253.07. Targa Resources, Inc. has a 52 week low of $144.14 and a 52 week high of $305.08. The company has a market capitalization of $63.64 billion, a price-to-earnings ratio of 28.37, a PEG ratio of 1.44 and a beta of 0.72.

Targa Resources (NYSE:TRGP - Get Free Report) last posted its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, beating analysts' consensus estimates of $2.83 by $0.71. Targa Resources had a net margin of 13.55% and a return on equity of 69.26%. The business had revenue of $4.44 billion for the quarter, compared to analysts' expectations of $4.90 billion. As a group, equities research analysts anticipate that Targa Resources, Inc. will post 11.05 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, July 31st. Targa Resources's payout ratio is presently 47.80%.

Analysts Set New Price Targets

Several brokerages recently weighed in on TRGP. Citigroup restated a "buy" rating on shares of Targa Resources in a research note on Wednesday, May 27th. Wells Fargo & Company lifted their price target on Targa Resources from $270.00 to $282.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Raymond James Financial set a $335.00 price target on Targa Resources in a report on Friday, August 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Targa Resources in a research report on Thursday, July 2nd. Finally, Morgan Stanley boosted their target price on shares of Targa Resources from $333.00 to $343.00 and gave the stock an "overweight" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, Targa Resources currently has a consensus rating of "Buy" and an average target price of $297.18.

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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