NorthRock Partners LLC Invests $221,000 in Targa Resources, Inc. (NYSE:TRGP)

NorthRock Partners LLC purchased a new position in shares of Targa Resources, Inc. (NYSE:TRGP) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 1,102 shares of the pipeline company’s stock, valued at approximately $221,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Snowden Capital Advisors LLC raised its stake in shares of Targa Resources by 2.0% during the 4th quarter. Snowden Capital Advisors LLC now owns 2,652 shares of the pipeline company’s stock worth $473,000 after purchasing an additional 53 shares in the last quarter. Ritholtz Wealth Management raised its stake in shares of Targa Resources by 1.3% during the 1st quarter. Ritholtz Wealth Management now owns 4,942 shares of the pipeline company’s stock worth $991,000 after purchasing an additional 62 shares in the last quarter. Stratos Wealth Advisors LLC raised its stake 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 purchasing an additional 62 shares in the last quarter. Curated Wealth Partners LLC increased its holdings in shares of Targa Resources by 2.2% during the 1st quarter. Curated Wealth Partners LLC now owns 3,344 shares of the pipeline company’s stock valued at $670,000 after acquiring an additional 73 shares during the last quarter. Finally, Baker Avenue Asset Management LP increased its holdings in shares of Targa Resources by 0.8% during the 4th quarter. Baker Avenue Asset Management LP now owns 9,234 shares of the pipeline company’s stock valued at $1,648,000 after acquiring an additional 74 shares during the last quarter. 92.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TRGP. Mizuho set a $212.00 price objective on Targa Resources and gave the company an “outperform” rating in a report on Tuesday, May 20th. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a report on Tuesday, July 15th. Royal Bank Of Canada reissued an “outperform” rating and set a $205.00 price objective on shares of Targa Resources in a report on Tuesday, July 15th. US Capital Advisors raised Targa Resources from a “hold” rating to a “strong-buy” rating in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. increased their price objective on Targa Resources from $189.00 to $209.00 and gave the company an “overweight” rating in a report on Thursday, July 10th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $209.86.

Targa Resources Stock Performance

TRGP opened at $163.07 on Friday. The stock’s 50 day moving average price is $167.83 and its two-hundred day moving average price is $180.05. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 6.04. Targa Resources, Inc. has a 12-month low of $122.56 and a 12-month high of $218.51. The firm has a market capitalization of $35.38 billion, a P/E ratio of 30.03, a price-to-earnings-growth ratio of 1.08 and a beta of 1.07.

Targa Resources (NYSE:TRGP) last announced its quarterly earnings data on Thursday, May 1st. The pipeline company reported $0.91 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($1.13). Targa Resources had a return on equity of 30.48% and a net margin of 7.35%. The firm had revenue of $4.56 billion for the quarter, compared to analyst estimates of $5.01 billion. On average, equities analysts forecast that Targa Resources, Inc. will post 8.15 earnings per share for the current year.

Targa Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Thursday, July 31st. This is a boost from Targa Resources’s previous quarterly dividend of $0.12. Targa Resources’s payout ratio is 73.66%.

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.