Johnson & White Wealth Management LLC Makes New Investment in Targa Resources, Inc. $TRGP

Johnson & White Wealth Management LLC bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,534 shares of the pipeline company’s stock, valued at approximately $267,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TRGP. Vanguard Group Inc. grew its holdings in Targa Resources by 1.6% in the first quarter. Vanguard Group Inc. now owns 27,584,275 shares of the pipeline company’s stock valued at $5,529,820,000 after purchasing an additional 423,667 shares during the period. Wellington Management Group LLP grew its stake in Targa Resources by 7.5% during the first quarter. Wellington Management Group LLP now owns 13,790,955 shares of the pipeline company’s stock worth $2,764,673,000 after buying an additional 962,631 shares during the period. Invesco Ltd. lifted its position in shares of Targa Resources by 3.2% during the first quarter. Invesco Ltd. now owns 4,565,960 shares of the pipeline company’s stock worth $915,338,000 after purchasing an additional 139,780 shares in the last quarter. GQG Partners LLC lifted its position in shares of Targa Resources by 64.0% during the first quarter. GQG Partners LLC now owns 3,614,307 shares of the pipeline company’s stock worth $724,560,000 after purchasing an additional 1,410,747 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Targa Resources by 2.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,834,418 shares of the pipeline company’s stock worth $568,217,000 after purchasing an additional 77,999 shares in the last quarter. 92.13% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Royal Bank Of Canada upped their price target on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. BMO Capital Markets started coverage on shares of Targa Resources in a research report on Friday, September 19th. They issued an “outperform” rating and a $185.00 target price for the company. Wall Street Zen upgraded shares of Targa Resources from a “hold” rating to a “buy” rating in a research report on Sunday, September 21st. Finally, TD Cowen started coverage on shares of Targa Resources in a report on Monday, July 7th. They issued a “hold” rating and a $192.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and a consensus price target of $207.27.

Targa Resources Price Performance

Shares of NYSE:TRGP opened at $174.36 on Friday. The firm has a market capitalization of $37.52 billion, a PE ratio of 24.66, a PEG ratio of 1.03 and a beta of 1.20. The business’s 50 day moving average is $165.34 and its 200-day moving average is $170.04. Targa Resources, Inc. has a 1-year low of $144.30 and a 1-year high of $218.51. The company has a current ratio of 0.69, a quick ratio of 0.56 and a debt-to-equity ratio of 5.93.

Targa Resources (NYSE:TRGP) last issued its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.92. The firm had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $1.00 per share. The ex-dividend date was Thursday, July 31st. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 annualized dividend and a yield of 2.3%. Targa Resources’s dividend payout ratio is currently 56.58%.

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.