NewEdge Wealth LLC Makes New $3.64 Million Investment in Targa Resources, Inc. $TRGP

NewEdge Wealth LLC purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 13,577 shares of the pipeline company’s stock, valued at approximately $3,641,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP boosted its position in shares of Targa Resources by 40.7% in the 1st quarter. Woodline Partners LP now owns 18,423 shares of the pipeline company’s stock worth $3,693,000 after purchasing an additional 5,327 shares in the last quarter. Focus Partners Wealth increased its position in Targa Resources by 157.4% during the 1st quarter. Focus Partners Wealth now owns 3,931 shares of the pipeline company’s stock valued at $788,000 after buying an additional 2,404 shares in the last quarter. Baird Financial Group Inc. increased its position in Targa Resources by 6.3% during the 2nd quarter. Baird Financial Group Inc. now owns 3,697 shares of the pipeline company’s stock valued at $644,000 after buying an additional 219 shares in the last quarter. Brown Advisory Inc. raised its stake in Targa Resources by 13.1% in the second quarter. Brown Advisory Inc. now owns 4,521 shares of the pipeline company’s stock valued at $787,000 after buying an additional 524 shares during the last quarter. Finally, Cerity Partners LLC boosted its holdings in Targa Resources by 11.0% in the second quarter. Cerity Partners LLC now owns 31,881 shares of the pipeline company’s stock worth $5,550,000 after acquiring an additional 3,163 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Up 1.6%

Targa Resources stock opened at $301.99 on Friday. 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 business’s 50-day simple moving average is $271.43 and its two-hundred day simple moving average is $253.78. The company has a market cap of $64.76 billion, a PE ratio of 28.87, a PEG ratio of 1.44 and a beta of 0.72. Targa Resources, Inc. has a fifty-two week low of $144.14 and a fifty-two week high of $306.73.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The firm had revenue of $4.44 billion during the quarter, compared to analysts’ expectations of $4.90 billion. Equities analysts anticipate that Targa Resources, Inc. will post 11.05 EPS for the current year.

Targa Resources Dividend Announcement

The firm 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. This represents a $5.00 annualized dividend and a yield of 1.7%. The ex-dividend date was Friday, July 31st. Targa Resources’s dividend payout ratio is 47.80%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TRGP shares. TD Cowen boosted their price target on Targa Resources from $270.00 to $275.00 and gave the stock a “hold” rating in a research note on Friday, August 7th. US Capital Advisors lowered shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research report on Friday, May 29th. Truist Financial lifted their target price on shares of Targa Resources from $289.00 to $312.00 and gave the stock a “buy” rating in a research note on Wednesday, July 15th. Stifel Nicolaus set a $268.00 target price on shares of Targa Resources in a research report on Friday, May 8th. Finally, Morgan Stanley upped their price target on shares of Targa Resources from $333.00 to $343.00 and gave the company an “overweight” rating in a research note on Tuesday. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Targa Resources has an average rating of “Buy” and a consensus price target 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.