Edmond DE Rothschild Holding S.A. Makes New Investment in Targa Resources, Inc. $TRGP

Edmond DE Rothschild Holding S.A. bought a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the second quarter, Holdings Channel.com reports. The fund bought 3,760 shares of the pipeline company’s stock, valued at approximately $1,008,000.

A number of other hedge funds have also modified their holdings of the business. CoreCap Advisors LLC boosted its position in Targa Resources by 245.9% during the second quarter. CoreCap Advisors LLC now owns 128 shares of the pipeline company’s stock worth $34,000 after acquiring an additional 91 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in Targa Resources in the 4th quarter worth approximately $27,000. Miller Capital Partners Inc. purchased a new position in Targa Resources in the 4th quarter worth approximately $30,000. Global Assets Advisory LLC acquired a new position in shares of Targa Resources during the 1st quarter worth approximately $41,000. Finally, Leonteq Securities AG acquired a new position in shares of Targa Resources during the 4th quarter worth approximately $31,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on TRGP shares. Citigroup reaffirmed a “buy” rating on shares of Targa Resources in a report on Wednesday, May 27th. Raymond James Financial set a $335.00 price objective on Targa Resources in a research note on Friday, August 7th. UBS Group restated a “buy” rating and issued a $318.00 target price on shares of Targa Resources in a report on Thursday, July 9th. Morgan Stanley raised their target price on Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, US Capital Advisors lowered Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a report on Friday, May 29th. One investment 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 company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $297.18.

Targa Resources Stock Up 1.6%

Shares of NYSE TRGP opened at $301.99 on Friday. The company has a 50 day simple moving average of $271.43 and a 200-day simple moving average of $253.78. The company has a market capitalization of $64.76 billion, a P/E ratio of 28.87, a P/E/G ratio of 1.44 and a beta of 0.72. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.68. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $306.73.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 6th. The pipeline company reported $3.54 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $4.90 billion. On average, equities research analysts predict that Targa Resources, Inc. will post 11.05 earnings per share for the current year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 14th. Shareholders of record on Friday, July 31st were given a $1.25 dividend. The ex-dividend date was Friday, July 31st. This represents a $5.00 dividend on an annualized basis and a yield of 1.7%. Targa Resources’s payout ratio is currently 47.80%.

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.