Targa Resources, Inc. $TRGP Position Cut by Wedbush Securities Inc.

Wedbush Securities Inc. decreased its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 3.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,910 shares of the pipeline company’s stock after selling 379 shares during the quarter. Wedbush Securities Inc.’s holdings in Targa Resources were worth $1,899,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the company. Axxcess Wealth Management LLC boosted its stake in Targa Resources by 12.1% during the 1st quarter. Axxcess Wealth Management LLC now owns 1,924 shares of the pipeline company’s stock valued at $386,000 after purchasing an additional 207 shares during the period. Nisa Investment Advisors LLC raised its holdings in shares of Targa Resources by 1.3% during the first quarter. Nisa Investment Advisors LLC now owns 18,411 shares of the pipeline company’s stock valued at $3,691,000 after buying an additional 245 shares during the last quarter. Allworth Financial LP boosted its position in shares of Targa Resources by 22.7% during the first quarter. Allworth Financial LP now owns 628 shares of the pipeline company’s stock worth $126,000 after buying an additional 116 shares during the period. Cerity Partners LLC boosted its position in shares of Targa Resources by 4.4% during the first quarter. Cerity Partners LLC now owns 28,718 shares of the pipeline company’s stock worth $5,757,000 after buying an additional 1,209 shares during the period. Finally, Xponance Inc. grew its holdings in Targa Resources by 1.0% in the 1st quarter. Xponance Inc. now owns 66,539 shares of the pipeline company’s stock worth $13,339,000 after buying an additional 627 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Up 1.1%

Shares of TRGP stock opened at $171.81 on Friday. The stock has a 50-day simple moving average of $161.19 and a 200 day simple moving average of $164.71. The stock has a market capitalization of $36.97 billion, a P/E ratio of 24.30, a P/E/G ratio of 0.91 and a beta of 1.16. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $218.51. 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) last issued its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. On average, sell-side analysts expect that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Investors 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 annualized dividend and a yield of 2.3%. Targa Resources’s dividend payout ratio is currently 53.19%.

Analyst Ratings Changes

Several brokerages have weighed in on TRGP. Wall Street Zen downgraded Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings reissued a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Royal Bank Of Canada upped their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. JPMorgan Chase & Co. increased their target price on shares of Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Finally, Cfra Research upgraded shares of Targa Resources to a “hold” rating in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus 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.