Sagespring Wealth Partners LLC Cuts Position in Targa Resources, Inc. $TRGP

Sagespring Wealth Partners LLC trimmed its holdings in shares of Targa Resources, Inc. (NYSE:TRGP) by 27.1% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,283 shares of the pipeline company’s stock after selling 849 shares during the quarter. Sagespring Wealth Partners LLC’s holdings in Targa Resources were worth $398,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Cornerstone Planning Group LLC grew its stake in Targa Resources by 578.9% in the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock valued at $26,000 after purchasing an additional 110 shares during the period. Disciplina Capital Management LLC bought a new position in Targa Resources during the first quarter valued at about $46,000. Olde Wealth Management LLC bought a new position in Targa Resources during the first quarter valued at about $52,000. Wolff Wiese Magana LLC increased its holdings in Targa Resources by 376.2% during the first quarter. Wolff Wiese Magana LLC now owns 300 shares of the pipeline company’s stock worth $60,000 after buying an additional 237 shares during the last quarter. Finally, Hilltop National Bank bought a new stake in Targa Resources in the second quarter worth about $63,000. 92.13% of the stock is currently owned by institutional investors.

Targa Resources Stock Performance

NYSE TRGP opened at $148.51 on Friday. The firm has a market cap of $31.96 billion, a P/E ratio of 21.01, a price-to-earnings-growth ratio of 0.87 and a beta of 1.12. The company has a quick ratio of 0.56, a current ratio of 0.69 and a debt-to-equity ratio of 5.93. The company’s 50 day moving average is $163.54 and its 200-day moving average is $166.23. Targa Resources, Inc. has a 12-month low of $144.14 and a 12-month high of $218.51.

Targa Resources (NYSE:TRGP) last released its quarterly earnings data on Thursday, August 7th. The pipeline company reported $2.87 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $4.82 billion. Sell-side analysts predict that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be issued a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 dividend on an annualized basis and a yield of 2.7%. Targa Resources’s dividend payout ratio is 56.58%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. BMO Capital Markets began coverage on shares of Targa Resources in a research note on Friday, September 19th. They issued an “outperform” rating and a $185.00 target price on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. Cfra Research raised Targa Resources to a “hold” rating in a report on Friday, August 8th. TD Securities started coverage on Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating on the stock. Finally, Royal Bank Of Canada upped their price target on Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $209.50.

About Targa Resources

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.