RBA Wealth Management LLC Purchases 91 Shares of Targa Resources, Inc. $TRGP

RBA Wealth Management LLC increased its position in Targa Resources, Inc. (NYSE:TRGP) by 0.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,886 shares of the pipeline company’s stock after acquiring an additional 91 shares during the period. RBA Wealth Management LLC’s holdings in Targa Resources were worth $3,984,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Cornerstone Planning Group LLC boosted its holdings 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 purchasing an additional 110 shares during the last quarter. Mascagni Wealth Management Inc. purchased a new stake in shares of Targa Resources during the 4th quarter valued at approximately $32,000. Disciplina Capital Management LLC purchased a new stake in shares of Targa Resources during the 1st quarter valued at approximately $46,000. Olde Wealth Management LLC purchased a new stake in shares of Targa Resources during the 1st quarter valued at approximately $52,000. Finally, ST Germain D J Co. Inc. purchased a new stake in Targa Resources in the first quarter valued at approximately $60,000. 92.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Mizuho dropped their target price on Targa Resources from $212.00 to $207.00 and set an “outperform” rating on the stock in a report on Friday, August 29th. Scotiabank reissued an “outperform” rating on shares of Targa Resources in a research note on Thursday, August 14th. TD Securities began coverage on shares of Targa Resources in a research note on Monday, July 7th. They issued a “hold” rating for the company. Barclays boosted their price objective on shares of Targa Resources from $178.00 to $195.00 and gave the company an “overweight” rating in a research note on Thursday, July 10th. Finally, TD Cowen initiated coverage on shares of Targa Resources in a research note on Monday, July 7th. They set a “hold” rating and a $192.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $207.27.

Targa Resources Trading Up 1.5%

Targa Resources stock opened at $174.36 on Friday. The stock has a market capitalization of $37.52 billion, a PE ratio of 24.66, a price-to-earnings-growth ratio of 1.03 and a beta of 1.20. Targa Resources, Inc. has a 12-month low of $144.30 and a 12-month 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. The firm has a 50 day simple moving average of $165.34 and a 200-day simple moving average of $170.04.

Targa Resources (NYSE:TRGP) last released its earnings results on Thursday, August 7th. The pipeline company reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.92. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.82 billion. Targa Resources had a net margin of 8.99% and a return on equity of 43.35%. As a group, equities research analysts expect that Targa Resources, Inc. will post 8.15 EPS for the current fiscal year.

Targa Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 2.3%. This is an increase from Targa Resources’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, July 31st. Targa Resources’s payout ratio is currently 56.58%.

Targa Resources Company 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.