Fort Washington Investment Advisors Inc. OH Grows Position in Targa Resources, Inc. $TRGP

Fort Washington Investment Advisors Inc. OH grew its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 158.4% in the second quarter, HoldingsChannel.com reports. The firm owned 17,899 shares of the pipeline company’s stock after buying an additional 10,973 shares during the quarter. Fort Washington Investment Advisors Inc. OH’s holdings in Targa Resources were worth $3,116,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in TRGP. Cornerstone Planning Group LLC raised its holdings in shares of Targa Resources by 578.9% during the first quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after acquiring an additional 110 shares in the last quarter. Disciplina Capital Management LLC bought a new position in shares of Targa Resources during the first quarter valued at approximately $46,000. Olde Wealth Management LLC bought a new position in shares of Targa Resources during the first quarter valued at approximately $52,000. ST Germain D J Co. Inc. bought a new position in shares of Targa Resources during the first quarter valued at approximately $60,000. Finally, Wolff Wiese Magana LLC raised its holdings in shares of Targa Resources by 376.2% during the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock valued at $60,000 after acquiring an additional 237 shares in the last quarter. Hedge funds and other institutional investors own 92.13% of the company’s stock.

Targa Resources Trading Down 2.9%

NYSE TRGP opened at $169.16 on Tuesday. Targa Resources, Inc. has a 12 month low of $145.54 and a 12 month high of $218.51. The stock has a market cap of $36.40 billion, a P/E ratio of 23.93, a P/E/G ratio of 1.03 and a beta of 1.20. The stock’s fifty day moving average price is $165.46 and its 200-day moving average price is $169.81. 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 released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%.The firm had revenue of $4.26 billion for the quarter, compared to analysts’ expectations of $4.82 billion. As a group, equities analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $1.00 dividend. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources’s payout ratio is currently 56.58%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TRGP. TD Cowen began coverage on Targa Resources in a report on Monday, July 7th. They set a “hold” rating and a $192.00 target price for the company. JPMorgan Chase & Co. increased their price objective on Targa Resources from $189.00 to $209.00 and gave the stock an “overweight” rating in a report on Thursday, July 10th. BMO Capital Markets initiated coverage on Targa Resources in a report on Friday, September 19th. They issued an “outperform” rating and a $185.00 price objective for the company. Scotiabank reiterated an “outperform” rating on shares of Targa Resources in a report on Thursday, August 14th. Finally, Cfra Research upgraded Targa Resources to a “hold” rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $207.27.

Targa Resources Company 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.