Brighton Jones LLC Buys 307 Shares of Targa Resources, Inc. $TRGP

Brighton Jones LLC raised its stake in shares of Targa Resources, Inc. (NYSE:TRGP) by 15.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 2,310 shares of the pipeline company’s stock after purchasing an additional 307 shares during the period. Brighton Jones LLC’s holdings in Targa Resources were worth $402,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Vontobel Holding Ltd. lifted its position in Targa Resources by 29.9% in the 1st quarter. Vontobel Holding Ltd. now owns 3,758 shares of the pipeline company’s stock worth $753,000 after buying an additional 864 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Targa Resources by 1.5% in the first quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 23,716 shares of the pipeline company’s stock worth $4,754,000 after purchasing an additional 359 shares during the last quarter. First Horizon Advisors Inc. lifted its stake in Targa Resources by 25.1% in the first quarter. First Horizon Advisors Inc. now owns 1,306 shares of the pipeline company’s stock worth $262,000 after purchasing an additional 262 shares during the last quarter. Clarity Capital Partners LLC bought a new stake in Targa Resources in the first quarter worth $223,000. Finally, Oregon Public Employees Retirement Fund lifted its stake in shares of Targa Resources by 1.1% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 18,922 shares of the pipeline company’s stock valued at $3,793,000 after acquiring an additional 210 shares during the last quarter. 92.13% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TRGP. BMO Capital Markets initiated coverage on shares of Targa Resources in a research note on Friday, September 19th. They set an “outperform” rating and a $185.00 price objective for the company. Royal Bank Of Canada upped their price objective on shares of Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. JPMorgan Chase & Co. upped their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, October 7th. Weiss Ratings restated a “buy (b-)” rating on shares of Targa Resources in a report on Wednesday, October 8th. Finally, Cfra Research raised shares of Targa Resources to a “hold” rating in a research note on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Targa Resources has an average rating of “Moderate Buy” and a consensus price target of $209.50.

Targa Resources Stock Performance

Shares of Targa Resources stock opened at $151.39 on Friday. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $218.51. The firm has a market capitalization of $32.58 billion, a P/E ratio of 21.41, a P/E/G ratio of 0.91 and a beta of 1.12. The business has a fifty day simple moving average of $161.55 and a two-hundred day simple moving average of $165.11. 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 results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.95 by $0.92. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. The company had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.82 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Stockholders of record on Friday, October 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Friday, October 31st. Targa Resources’s dividend payout ratio (DPR) is presently 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.