Elevation Point Wealth Partners LLC Buys Shares of 3,734 Targa Resources, Inc. $TRGP

Elevation Point Wealth Partners LLC bought a new stake in Targa Resources, Inc. (NYSE:TRGP) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,734 shares of the pipeline company’s stock, valued at approximately $1,001,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. PNC Financial Services Group Inc. lifted its position in shares of Targa Resources by 57.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 34,805 shares of the pipeline company’s stock worth $6,421,000 after buying an additional 12,640 shares during the last quarter. Hsbc Holdings PLC boosted its stake in Targa Resources by 7.0% in the fourth quarter. Hsbc Holdings PLC now owns 820,310 shares of the pipeline company’s stock valued at $151,331,000 after buying an additional 53,413 shares in the last quarter. Miller Howard Investments Inc. NY grew its position in Targa Resources by 37.3% in the first quarter. Miller Howard Investments Inc. NY now owns 230,592 shares of the pipeline company’s stock valued at $57,816,000 after acquiring an additional 62,652 shares during the last quarter. Raiffeisen Bank International AG grew its position in Targa Resources by 164.1% in the fourth quarter. Raiffeisen Bank International AG now owns 33,641 shares of the pipeline company’s stock valued at $6,245,000 after acquiring an additional 20,905 shares during the last quarter. Finally, Icon Wealth Advisors LLC raised its stake in Targa Resources by 24.0% during the fourth quarter. Icon Wealth Advisors LLC now owns 19,649 shares of the pipeline company’s stock worth $3,625,000 after acquiring an additional 3,797 shares in the last quarter. Institutional investors own 92.13% of the company’s stock.

Targa Resources Stock Performance

Shares of TRGP stock opened at $294.10 on Tuesday. The business’s 50-day moving average price is $272.62 and its 200-day moving average price is $255.13. Targa Resources, Inc. has a 12 month low of $144.14 and a 12 month high of $307.94. The firm has a market capitalization of $63.06 billion, a price-to-earnings ratio of 28.12, a PEG ratio of 1.43 and a beta of 0.72. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 5.01.

Targa Resources (NYSE:TRGP) last released its quarterly earnings results on Thursday, August 6th. The pipeline company reported $3.54 earnings per share for the quarter, topping the consensus estimate of $2.83 by $0.71. Targa Resources had a return on equity of 69.26% and a net margin of 13.55%.The company had revenue of $4.44 billion for the quarter, compared to analysts’ expectations of $4.90 billion. Equities research analysts forecast that Targa Resources, Inc. will post 11.13 EPS for the current year.

Targa Resources Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently commented on TRGP shares. Barclays increased their target price on shares of Targa Resources from $282.00 to $284.00 and gave the stock an “overweight” rating in a report on Friday, August 7th. Morgan Stanley upped their price objective on shares of Targa Resources from $333.00 to $343.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. TD Cowen increased their price objective on shares of Targa Resources from $270.00 to $275.00 and gave the company a “hold” rating in a research note on Friday, August 7th. Citigroup restated a “buy” rating on shares of Targa Resources in a research report on Wednesday, May 27th. Finally, US Capital Advisors cut shares of Targa Resources from a “strong-buy” rating to a “moderate buy” rating in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $297.18.

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.