Wealthfront Advisers LLC Buys 4,413 Shares of Targa Resources, Inc. $TRGP

Wealthfront Advisers LLC grew its position in Targa Resources, Inc. (NYSE:TRGP) by 18.2% during the 2nd quarter, Holdings Channel reports. The firm owned 28,600 shares of the pipeline company’s stock after purchasing an additional 4,413 shares during the quarter. Wealthfront Advisers LLC’s holdings in Targa Resources were worth $7,669,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Targa Resources during the 4th quarter worth about $27,000. Miller Capital Partners Inc. bought a new position in Targa Resources during the 4th quarter valued at about $30,000. Leonteq Securities AG acquired a new position in Targa Resources in the fourth quarter valued at about $31,000. CoreCap Advisors LLC boosted its position in Targa Resources by 245.9% in the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock valued at $34,000 after buying an additional 91 shares in the last quarter. Finally, Godfrey Financial Associates Inc. bought a new stake in Targa Resources during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 92.13% of the company’s stock.

Targa Resources Stock Down 0.3%

Shares of NYSE:TRGP opened at $296.80 on Thursday. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The firm has a market cap of $63.64 billion, a P/E ratio of 28.37, a P/E/G ratio of 1.44 and a beta of 0.72. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $305.08. The company’s 50-day moving average price is $270.78 and its two-hundred day moving average price is $253.07.

Targa Resources (NYSE:TRGP) last announced its earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping 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 company had revenue of $4.44 billion during the quarter, compared to the consensus estimate of $4.90 billion. As a group, research analysts forecast that Targa Resources, Inc. will post 11.05 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 14th. Investors of record on Friday, July 31st were issued a $1.25 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a dividend yield of 1.7%. Targa Resources’s dividend payout ratio (DPR) is currently 47.80%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Truist Financial raised their price objective on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Scotiabank boosted their target price on Targa Resources from $249.00 to $257.00 and gave the stock an “outperform” rating in a report on Tuesday, May 12th. Wolfe Research set a $335.00 price target on Targa Resources in a research report on Friday, August 7th. Citigroup restated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, Wells Fargo & Company raised their price target on Targa Resources from $270.00 to $282.00 and gave the company an “overweight” rating in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Targa Resources has a consensus rating of “Buy” and a consensus target price of $297.18.

Targa Resources 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.