NewEdge Wealth LLC Acquires 2,939 Shares of Targa Resources, Inc. $TRGP

NewEdge Wealth LLC boosted its holdings in Targa Resources, Inc. (NYSE:TRGP) by 20.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,061 shares of the pipeline company’s stock after buying an additional 2,939 shares during the quarter. NewEdge Wealth LLC’s holdings in Targa Resources were worth $4,278,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Hardy Reed LLC boosted its holdings in shares of Targa Resources by 1.0% during the 1st quarter. Hardy Reed LLC now owns 4,321 shares of the pipeline company’s stock valued at $1,083,000 after acquiring an additional 41 shares during the last quarter. Hantz Financial Services Inc. raised its holdings in shares of Targa Resources by 10.5% during the fourth quarter. Hantz Financial Services Inc. now owns 526 shares of the pipeline company’s stock valued at $97,000 after purchasing an additional 50 shares during the last quarter. Steward Partners Investment Advisory LLC raised its holdings in shares of Targa Resources by 0.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 7,455 shares of the pipeline company’s stock valued at $1,376,000 after purchasing an additional 51 shares during the last quarter. First Horizon Corp lifted its position in Targa Resources by 20.1% during the fourth quarter. First Horizon Corp now owns 340 shares of the pipeline company’s stock valued at $63,000 after purchasing an additional 57 shares during the period. Finally, Larson Financial Group LLC lifted its position in Targa Resources by 4.1% during the third quarter. Larson Financial Group LLC now owns 1,508 shares of the pipeline company’s stock valued at $253,000 after purchasing an additional 60 shares during the period. Institutional investors own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Jefferies Financial Group started coverage on shares of Targa Resources in a research report on Thursday, June 18th. They issued a “buy” rating and a $314.00 target price for the company. Mizuho increased their price target on Targa Resources from $260.00 to $300.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Stifel Nicolaus set a $268.00 price target on Targa Resources in a report on Friday, May 8th. JPMorgan Chase & Co. raised their price target on Targa Resources from $291.00 to $315.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Finally, US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. Seventeen research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $288.00.

Insider Activity at Targa Resources

In other news, Director Charles R. Crisp sold 10,602 shares of the firm’s stock in a transaction dated 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 transaction, the director owned 66,492 shares of the company’s stock, valued at $17,019,292.32. This trade represents a 13.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.37% of the stock is owned by company insiders.

Targa Resources Trading Down 1.6%

NYSE:TRGP opened at $281.04 on Friday. The company has a debt-to-equity ratio of 5.64, a current ratio of 0.72 and a quick ratio of 0.62. The firm has a market capitalization of $60.32 billion, a price-to-earnings ratio of 28.42, a price-to-earnings-growth ratio of 1.46 and a beta of 0.71. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $291.04. The business has a fifty day moving average price of $269.86 and a 200-day moving average price of $241.99.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, May 7th. The pipeline company reported $2.21 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.27). The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.68 billion. Targa Resources had a return on equity of 71.00% and a net margin of 12.87%. Sell-side analysts forecast that Targa Resources, Inc. will post 10.76 EPS for the current year.

Targa Resources Dividend Announcement

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

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.