Targa Resources, Inc. $TRGP Holdings Lowered by Wedbush Securities Inc.

Wedbush Securities Inc. lowered its stake in Targa Resources, Inc. (NYSE:TRGP) by 3.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,910 shares of the pipeline company’s stock after selling 379 shares during the quarter. Wedbush Securities Inc.’s holdings in Targa Resources were worth $1,899,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Bryn Mawr Trust Advisors LLC lifted its stake in Targa Resources by 108.3% during the second quarter. Bryn Mawr Trust Advisors LLC now owns 3,250 shares of the pipeline company’s stock valued at $566,000 after buying an additional 1,690 shares in the last quarter. Sustainable Insight Capital Management LLC acquired a new stake in shares of Targa Resources during the second quarter valued at approximately $244,000. Cbre Investment Management Listed Real Assets LLC lifted its position in shares of Targa Resources by 35.8% in the 2nd quarter. Cbre Investment Management Listed Real Assets LLC now owns 529,163 shares of the pipeline company’s stock valued at $92,117,000 after acquiring an additional 139,626 shares in the last quarter. Soltis Investment Advisors LLC acquired a new position in Targa Resources in the 2nd quarter worth approximately $515,000. Finally, Achmea Investment Management B.V. boosted its stake in Targa Resources by 18.6% in the 2nd quarter. Achmea Investment Management B.V. now owns 138,605 shares of the pipeline company’s stock worth $24,128,000 after purchasing an additional 21,715 shares during the period. Institutional investors and hedge funds own 92.13% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on TRGP shares. Wells Fargo & Company reissued an “overweight” rating and set a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. JPMorgan Chase & Co. upped their price target on Targa Resources from $214.00 to $215.00 and gave the company an “overweight” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada raised their price objective on Targa Resources from $205.00 to $208.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 12th. Wall Street Zen cut Targa Resources from a “buy” rating to a “hold” rating in a research note on Saturday. Finally, Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research report on Thursday, August 14th. One equities research 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 MarketBeat, Targa Resources currently has a consensus rating of “Moderate Buy” and an average price target of $209.50.

Targa Resources Stock Performance

Shares of NYSE TRGP opened at $171.81 on Friday. The company has a debt-to-equity ratio of 5.93, a current ratio of 0.69 and a quick ratio of 0.56. Targa Resources, Inc. has a one year low of $144.14 and a one year high of $218.51. The business’s 50-day moving average price is $161.19 and its two-hundred day moving average price is $164.71. The company has a market capitalization of $36.97 billion, a P/E ratio of 24.30, a price-to-earnings-growth ratio of 0.91 and a beta of 1.16.

Targa Resources (NYSE:TRGP) last posted its quarterly earnings results on Wednesday, November 5th. The pipeline company reported $2.20 earnings per share for the quarter, missing analysts’ consensus estimates of $2.22 by ($0.02). The firm had revenue of $4.15 billion for the quarter, compared to analysts’ expectations of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. Analysts anticipate that Targa Resources, Inc. will post 8.15 earnings per share for the current fiscal year.

Targa Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Shareholders of record on Friday, October 31st will be given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Friday, October 31st. Targa Resources’s payout ratio is currently 53.19%.

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.