First Horizon Advisors Inc. Has $355,000 Stake in Targa Resources, Inc. $TRGP

First Horizon Advisors Inc. raised its position in shares of Targa Resources, Inc. (NYSE:TRGP) by 56.0% during the second quarter, HoldingsChannel.com reports. The fund owned 2,038 shares of the pipeline company’s stock after buying an additional 732 shares during the quarter. First Horizon Advisors Inc.’s holdings in Targa Resources were worth $355,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. World Investment Advisors boosted its position in shares of Targa Resources by 6.8% during the 1st quarter. World Investment Advisors now owns 1,720 shares of the pipeline company’s stock valued at $345,000 after purchasing an additional 109 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in Targa Resources by 8.9% in the first quarter. Envestnet Asset Management Inc. now owns 464,904 shares of the pipeline company’s stock valued at $93,199,000 after buying an additional 37,853 shares during the period. Stratos Wealth Advisors LLC boosted its holdings in shares of Targa Resources by 3.6% during the 1st quarter. Stratos Wealth Advisors LLC now owns 1,776 shares of the pipeline company’s stock worth $356,000 after buying an additional 62 shares in the last quarter. Valeo Financial Advisors LLC boosted its holdings in shares of Targa Resources by 18.5% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,810 shares of the pipeline company’s stock worth $363,000 after buying an additional 282 shares in the last quarter. Finally, Cornerstone Planning Group LLC grew its position in shares of Targa Resources by 578.9% during the 1st quarter. Cornerstone Planning Group LLC now owns 129 shares of the pipeline company’s stock worth $26,000 after buying an additional 110 shares during the period. 92.13% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TRGP. Royal Bank Of Canada boosted their target price on shares of Targa Resources from $205.00 to $208.00 and gave the company an “outperform” rating in a research report on Tuesday, August 12th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Targa Resources in a research note on Wednesday, October 8th. JPMorgan Chase & Co. increased their price objective on shares of Targa Resources from $214.00 to $215.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 7th. Wells Fargo & Company restated an “overweight” rating and issued a $205.00 target price (up from $198.00) on shares of Targa Resources in a research note on Friday, August 8th. Finally, Scotiabank reaffirmed an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $209.50.

Targa Resources Stock Up 1.1%

Shares of NYSE TRGP opened at $171.81 on Friday. The stock has a market capitalization of $36.97 billion, a P/E ratio of 24.30, a P/E/G ratio of 0.91 and a beta of 1.16. The company has a 50-day moving average price of $161.19 and a 200-day moving average price of $164.76. Targa Resources, Inc. has a 1 year low of $144.14 and a 1 year high of $218.51. 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 (NYSE:TRGP) last posted its 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 business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $4.70 billion. Targa Resources had a return on equity of 43.35% and a net margin of 8.99%. On average, equities research analysts forecast that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 17th. Investors of record on Friday, October 31st will be given a dividend of $1.00 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $4.00 annualized dividend and a dividend yield of 2.3%. Targa Resources’s payout ratio is presently 56.58%.

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.